Finance and Monetary Affairs in the EU

Latest news on economic and monetary affairs in the European Union.

Italian dividend tax incompatible with EU rules: Court — 17 December 2009, 13:07 CET

A new reformed tax regime for Italian-sourced dividends is incompatible with EC legislation on free movement of capital and freedom of establishment, according to a ruling by the European Court of Justice on 1 December 2009.

EU Court declares EDF compatible with common market — 17 December 2009, 13:06 CET

The General Court has annulled the Commission’s decision declaring certain fiscal measures implemented by France for EDF (Eléctricité de France) to be incompatible with the common market. on grounds that the Commission did not conduct a private investor test to back its findings.

EU VAT anti-fraud strategy — 16 December 2009, 18:14 CET

In order to improve the VAT management system and to protect EU Member States against VAT fraud, the European Commission proposes a review, with particular regard to methods of control, registration, information and collection of revenue in the context of an increase in cross-border transactions.

Public works contracts obligations - Judgement of European Court of Justice - CASELEX:EU:2009:132 — 16 December 2009, 17:16 CET

Failure of a Member State to fulfil obligations – Public works contracts – Directive 93/37/EEC

Failure of a Member State to fulfil obligations - Freedom to provide services - CASELEX:EU:2009:94 — 16 December 2009, 17:15 CET

Spanish legislation that exempted from tax all winnings from lotteries, games of chance and betting organised by public bodies or entities pursuing social or charitable non-profit-making activities that were established in Spain was a restriction on the freedom to provide services of similar bodies and entities established in other Member States and was contrary to Article 49 EC and Article 36 of the EEA Agreement, as that exemption did not apply to those bodies and entities established in other Member States. Such an exemption could not be justified on the grounds of prevention of money laundering, public health or other socio-economic reasons.

Tax and Development - briefing — 10 December 2009, 11:17 CET

European Commissioners and President of the Development Committee of the European Parliament launch debate on how to improve tax revenue collection in developing countries

Anti-dumping measures — 08 December 2009, 01:04 CET

Regulation (EC) No 384/96 aims to transpose the provisions of the new agreement on the implementation of Article VI of the General Agreement on Tariffs and Trade 1994 (1994 Anti-dumping Agreement) into European Community law with a view to ensuring appropriate and transparent application of the new anti-dumping rules.

Co-ordinating Member States' direct tax systems — 08 December 2009, 01:01 CET

The initiatives announced in this Communication aim to promote greater co-ordination of the Member States' direct tax systems in order to remove fiscal barriers and to eliminate discrimination and double taxation at a European Union (EU) level. The aim of co-ordinating the unharmonised direct tax systems of the Member States is to render them compatible with Community law and European Court of Justice case law. Two of the initiatives concern the specific areas of exit taxation and offsetting of cross-border losses for companies and groups.

Cross border credit transfers within the EU — 08 December 2009, 00:53 CET

This Directive establishes minimum information and performance requirements for cross-border credit transfers so as to ensure that funds can be transferred throughout the European Union (EU) rapidly, reliably and inexpensively.

EC Action Programme Customs 2013 (2008-2013) — 08 December 2009, 00:53 CET

The European Community action programme Customs 2013 (2008-2013) aims to support the development of a pan-European electronic customs environment which ensures that customs activities match the needs of the EU internal market, guarantees the protection of the financial interests of the EC and increases safety and security.

EU court orders France Télécom to pay overdue taxes of 1140 million EUR — 07 December 2009, 19:48 CET

The European Court of Appeals has confirmed a Commission decision to order the recovery of aid granted to France Télécom in the form of tax breaks. Over a 12-year period, France Télécom benefited from state aid amounting to a potential sum of EUR 1,140 million.

Co-ordinating Member States' direct tax systems — 04 December 2009, 15:22 CET

The initiatives announced in this Communication aim to promote greater co-ordination of the Member States' direct tax systems in order to remove fiscal barriers and to eliminate discrimination and double taxation at a European Union (EU) level. The aim of co-ordinating the unharmonised direct tax systems of the Member States is to render them compatible with Community law and European Court of Justice case law. Two of the initiatives concern the specific areas of exit taxation and offsetting of cross-border losses for companies and groups.

Cross border credit transfers within the EU — 04 December 2009, 15:22 CET

This Directive establishes minimum information and performance requirements for cross-border credit transfers so as to ensure that funds can be transferred throughout the European Union (EU) rapidly, reliably and inexpensively.

Business prospects for 2010 lowest in a decade — 03 December 2009, 23:24 CET

Businesses in Europe expect to invest and employ less in 2010 than at any time in the last decade. Also turnover and export forecasts are at their lowest level since 2000, while businesses do not anticipate any changes in domestic sales for the coming year.

Anti-dumping measures — 01 December 2009, 19:26 CET

Regulation (EC) No 384/96 aims to transpose the provisions of the new agreement on the implementation of Article VI of the General Agreement on Tariffs and Trade 1994 (1994 Anti-dumping Agreement) into European Community law with a view to ensuring appropriate and transparent application of the new anti-dumping rules.

Adoption of the WTO agreements — 01 December 2009, 19:25 CET

By Council Decision 94/800/EC, the Council of the European Union adopts the legal texts resulting from the Uruguay Round multilateral trade negotiations concluded through the signature of the Marrakesh Final Act and the creation of the World Trade Organisation.

Consultation on EU 2020: a new strategy to make the EU a smarter, greener social market — 24 November 2009, 20:26 CET

The European Commission has today issued a public consultation document on giving the EU economy a brighter future through the EU 2020 Strategy. EU 2020 aims to deliver greener and socially inclusive growth, as outlined by President Barroso in his Political Guidelines. The new Strategy will build on the achievements of the Lisbon Strategy, while learning its lessons. The consultation paper sets out a vision for how EU 2020 will focus on entrenching recovery from the crisis, helping to prevent a similar one in future and on three thematic objectives: creating value through knowledge; empowering people in inclusive societies; and creating a competitive, connected and greener economy. The deadline for responses to the consultation is 15 January 2010. The new Commission will then make a detailed proposal to the Spring European Council.

Commission decisions on KBC, ING and Lloyds - briefing — 19 November 2009, 13:02 CET

The European Commission on 18 October approved the restructuring plan of Lloyds Banking Group, the ING restructuring plan and illiquid asset back-up facility, and the asset relief and restructuring package for KBC.

Latvia Investment Climate 2009 — 18 November 2009, 22:30 CET

The Latvian government actively encourages foreign direct investment, and works with investors to improve the country's business climate. In keeping with European Union and World Trade Organization requirements, there is no screening of foreign investment. The government continually strives to bring Latvian economic institutions, laws and regulations into conformity with EU directives.

Estonia Investment Climate 2009 — 17 November 2009, 23:30 CET

Since joining the EU in 2004, the Estonian government has sought to maintain liberal policies in order to attract investments that could produce exports. Foreign investors are treated on an equal footing with local investors.

UK Investment Climate 2009 — 17 November 2009, 01:34 CET

The UK was the world's second largest recipient of foreign direct investment in 2007, receiving U.S. $223.9 billion, according to the United Nations Conference on Trade and Development (UNCTAD). The UK continued to lead Europe in attracting foreign investment with 26 percent of all FDI inflows into the European Union (EU).

Sweden Investment Climate 2009 — 14 November 2009, 23:57 CET

Sweden is generally considered to be an attractive country in which to invest. There are few countries that can match Sweden's potential to benefit from the intensifying, technology-driven global competition. Sweden already hosts one of the most internationally integrated economies in the world.

Slovakia Investment Climate 2009 — 14 November 2009, 23:53 CET

Slovakia’s once troubled economy has been transformed in the last ten years into a business friendly market-model, which led the region with GDP growth of 7.1 percent (est.) in 2008.

Excessive Deficit Procedure steps: Stability and Growth Pact — 11 November 2009, 19:43 CET

Under the budgetary surveillance powers conferred by the EU Treaty, the European Commission has proposed to the Council to set 2013 as the deadline for the correction of the budget deficits in Austria, the Czech Republic, Germany, Slovakia, Slovenia, the Netherlands and Portugal. For Belgium and Italy, which will also have a deficit above 3% in 2009, the comparatively limited size of the deficits and the existence of high debt ratios calls for an earlier deadline of 2012. The Commission also assessed whether "effective action" had been taken in Greece, Spain, France, Ireland and the UK, in response to Council recommendations of last April. It proposes that the Council concludes that Greece has not taken effective action. For the other four countries, it can be concluded that they have taken action, but the worsening of the economic situation compared with the Commission's January forecasts justifies revising the existing recommendations and therefore extending the deadlines by one year as foreseen by the Stability and Growth Pact, i.e. 2013 for France and Spain, 2014 for Ireland and financial year 2014/15 for the UK.

Portugal Investment Climate 2009 — 11 November 2009, 14:46 CET

Portugal offers a favorable investment climate for foreign capital, both in the near and long term. Its economy has become increasingly diversified and service-based since the country joined the European Community in 1986.