At the Council meeting of 15 November 2013 the participants debated on taxation on savings income and on the standard VAT return.
The Council discussed a draft directive aimed at strengthening EU rules on the taxation of savings income. Draft amendments to directive 2003/48/EC are intended to prevent the directive's circumvention, reflecting changes to savings products and developments in investor behaviour since it came into force in 2005. The aim is to enlarge the directive's scope to include all types of savings income and products that generate interest or equivalent income. And using a "look-through" approach, reasonable steps would be required of tax authorities to establish the identity of beneficial owners. The Council's discussion confirmed broad support for the amended directive. The dossier will be again discussed in the near future, with a view to reaching an agreement. The presidency expected
that this could be done before the end of the year, within the deadline set by the European Council.
The Council took note of the presentation by the Commission of a proposal for a directive that would introduce a standard VAT return throughout the EU with the aim of reducing burdens on businesses, particularly SMEs. The Council's working group is expected to start examining the proposal in December.