Luxembourg’s Finance Minister Luc Frieden has recently conducted a working
visit to Copenhagen for bilateral discussions with Denmark’s Economic
Affairs Minister Margrethe Vestager and with the country’s Finance Minister
Bjarne Corydon, with the talks focussing in particular on taxation and on financial
regulation.
According to the Luxembourg government, given that Denmark assumed Presidency
of the European Union Council on January 1, the focus of the discussions with
Economic Affairs Minister Vestager was on the Danish Presidency’s priorities,
notably economic governance, the taxation of savings and energy, as well as
financial regulation. The discussions with Finance Minister Corydon centred more on the economic
situation in general.
As set out in its 2012 programme for Presidency of the EU Council, in the area
of taxation, the Danish Presidency pledges to work towards ensuring “considerable
progress in relation to the adoption of technical amendments to the directive
on taxation of savings income in the form of interest payments and similar amendments
to agreements with relevant third countries”.
Here, the Danish Presidency underscores that “the overall aim and objective
is to ensure effective taxation of savings placed in other countries in and
outside the EU through exchange of information”.
The Danish Presidency also aims to promote the Commission's proposal for a common corporate tax base, designed to reduce costs for enterprises operating in the Single Market, and to ensure "considerable progress" in relation to
the Commission's proposal for revising the energy taxation directive to reflect the EU’s
goals in the area of climate change and energy. It also plans to work towards
a revision of the interest and royalties directive.
As regards regulation, the Danish Presidency aims to give strengthened financial
regulation high priority, and to work for a consensus in the Council on the
Commission proposal for a revision of capital and liquidity requirements for
credit institutions (CRD4), translating the Basel III standards into EU legislation.
As outlined in the programme, the Danish Presidency seeks a consensus in the
Council on revision of the regulation on credit rating agencies, and to promote
other financial matters, including rules regarding markets in financial instruments,
rules governing market abuse, and regulation of derivatives trading.
Finally, the Presidency also plans to work towards progress regarding the Commission’s
forthcoming proposal on crisis management in the financial sector.
LAWANDTAX-NEWS.COM
