AGREEMENT
between the European Community and the Principality of Monaco providing for measures
equivalent to those laid down in Council Directive 2003/48/EC
THE EUROPEAN COMMUNITY
andTHE PRINCIPALITY OF MONACO,hereinafter referred to as ‘Contracting Party ’or‘Contracting Parties ’, where applicable,
with a view to introducing measures equivalent to those laid down in Council Directive 2003/48/EC of 3 June 2003 on
taxation of savings income in the form of interest payments, hereinafter referred to as ‘the Directive ’,
HAVE DECIDED TO CONCLUDE THIS AGREEMENT:
Article 1
Aim
1. To enable savings income in the form of interest
payments made in territory of the Principality of Monaco tobeneficial owners within the meaning of Article 2 who areindividuals resident in a Member State of the EuropeanCommunity to be taken into account for being made subjectto effective taxation in accordance with the laws of the latterMember State, a withholding tax shall be levied by payingagents established on the territory of the Principality ofMonaco on the amount of such interest payments under theconditions laid down in Articles 7 and 8 of this Agreement,subject to the voluntary disclosure measures provided for inArticle 9 of this Agreement.
2. The Principality of Monaco shall take the measures
required to ensure that the tasks necessary for the implemen-tation of this Agreement are carried out by paying agents estab-
lished within its territory, irrespective of the place of estab-
lishment of the debtor of the debt-claim producing the interest.
Article 2
Definition of beneficial owner
1. For the purposes of this Agreement, ‘beneficial owner ’
means any individual who receives an interest payment orany individual for whom an interest payment is secured,unless he provides evidence that it was not received orsecured for his own benefit, that is to say that:
(a) he acts as a paying agent within the meaning of Article 4;(b) he acts on behalf of a legal person, an entity which is taxed
on its profits under Ordonnance Souveraine No 3162 of19 March 1964, an undertaking for collective investment intransferable securities (UCITS) or a body equivalent to aUCITS established on the territory of the Principality of
Monaco for the purpose of investing savings;
(c) he acts on behalf of another individual who is the beneficial
owner and discloses to the paying agent the identity of thatbeneficial owner in accordance with Article 3(2).
2. Where a paying agent has information suggesting that the
individual who receives an interest payment or for whom aninterest payment is secured may not be the beneficial owner,and where neither paragraph 1(a) nor 1(b) applies to that indi-vidual, that paying agent shall take reasonable steps to establishthe identity of the beneficial owner in accordance with Article3(2). If the paying agent is unable to identify the beneficialowner, it shall treat the individual who receives the interest
payment or for whom the interest payment is secured as the
beneficial owner.
Article 3
Identity and place of residence of beneficial owners
1. The Principality of Monaco shall adopt and ensure the
application of the procedures necessary to allow the payingagent to identify the beneficial owners and their residence forthe purposes of this Agreement.
2. Such procedures shall include the following requirements:(a) in the case of contractual relations established before 1
January 2004, the paying agent shall establish the identityof the beneficial owner within the meaning of Article 2 andhis place of residence on the basis of the informationavailable to it, as obtained from the official identitydocument or any other documentary proof of identitypresented by the beneficial owner, namely an officialdocument bearing a photograph of the beneficial owner;EN 21.1.2005 Official Journal of the European Union L 19/55
(b) in the case of contractual relations established after
1 January 2004 or transactions conducted on a non-contractual basis, the identity of the beneficial ownerwithin the meaning of Article 2 and his place ofresidence shall be established on the basis of the passport,the official identity card or any other documentary proof ofidentity presented by the beneficial owner. For individualspresenting a passport or official identity card issued by a
Member State of the European Community who declare
themselves to be resident in a State outside the EuropeanCommunity and the Principality of Monaco, residence shallbe established by means of a tax residence certificate issuedby the competent authority of the State in which the indi-vidual claims to be resident. Failing the presentation of sucha certificate, the State of residence shall be considered to bethe Member State of the European Community which issuedthe passport or other relevant official identity document.
Article 4
Definition of paying agent
For the purposes of this Agreement, ‘paying agent ’means any
bank, individual, legal person, partnership or subsidiary of an
international company in the Principality of Monaco which, in
the course of its business, accepts, holds, invests or transfersassets belonging to third parties and, even occasionally, paysinterest to, or secures the payment of, interest for theimmediate benefit of the beneficial owner.
Article 5
Definition of competent authority
For the purposes of this Agreement, the Contracting Parties ’
‘competent authorities ’are those listed in Annex 1.
For third States, the ‘competent authority ’is the authority
competent to issue certificates of residence for tax purposes.
Article 6
Definition of interest payment
1. For the purposes of this Agreement, ‘interest payment ’
means:
(a) interest paid or credited to an account, relating to debt
claims or client deposits, whether or not secured by
mortgage and whether or not carrying a right to participatein the debtor's profits, and, in particular, income fromgovernment securities and income from bonds ordebentures, including premiums and prizes attaching tosuch securities, bonds or debentures. Penalty charges forlate payment shall not be regarded as interest payments.Interest from loans between private individuals not actingin the course of their business shall, however, be excluded;(b) interest accrued or capitalised at the sale, refund or
redemption of the debt-claims referred to in (a);
(c) income deriving from interest payments either directly or
through an entity referred to in Article 4(2) of the Directiveestablished in a Member State of the European Community,distributed by:
(i) an undertaking for collective investment established in
a Member State of the European Community or thePrincipality of Monaco;
(ii) entities established in a Member State of the European
Community which avail themselves of the option underArticle 4(3) of the Directive and notify the paying agentthereof, and
(iii) undertakings for collective investment established
outside the territory referred to in Article 19;
(d) income realised upon the sale, refund or redemption of
shares or units in the following undertakings and entities,if they invest directly or indirectly, via other undertakingsfor collective investment or entities referred to below, morethan 40 % of their assets in debt claims as referred to in (a):
(i) an undertaking for collective investment established in
a Member State of the European Community or thePrincipality of Monaco;
(ii) entities established in a Member State of the European
Community which avail themselves of the option underArticle 4(3) of the Directive and notify the paying agentthereof, and
(iii) undertakings for collective investment established
outside the territory referred to in Article 19.
2. As regards paragraph 1(c), when a paying agent has no
information concerning the proportion of the income deriving
from interest payments, the total amount of the income shall beconsidered to be an interest payment.
3. As regards paragraph 1(d), when a paying agent has no
information concerning the percentage of the assets invested indebt claims or in shares or units as defined in that paragraph,that percentage shall be considered to be above 40 %.
Where the paying agent cannot determine the amount of
income realised by the beneficial owner, the income shall bedeemed to correspond to the proceeds of the sale, refund orredemption of the shares or units.EN L 19/56 Official Journal of the European Union 21.1.2005
4. Income from undertakings or entities that have invested
no more than 15 % of their assets in the debt claims referred toin paragraph 1(a) shall not be considered an interest paymentwithin the meaning of paragraph 1(c) and (d).
5. After 31 December 2010 the percentage referred to in
paragraph 1(d) and paragraph 3 shall be 25 %.
6. The percentage referred to in paragraph 1(d) and in
paragraph 5 shall be determined by reference to the investmentpolicy laid down in the fund rules or instruments of incor-poration of the undertakings or entities concerned or, failingthat, by reference to the actual composition of the assets of theundertakings or entities concerned.
Article 7
Withholding tax
1. Where the beneficial owner is resident in a Member State
of the European Community, the Principality of Monaco shalllevy a withholding tax at a rate of 15 % for the first three yearsfrom the date specified in Article 17, subject to the applicationof Article 14(2), a rate of 20 % for the subsequent three yearsand a rate of 35 % thereafter.
2. The paying agent shall levy withholding tax as follows:(a) in the case of an interest payment within the meaning of
Article 6(1)(a): on the amount of interest paid or credited;
(b) in the case of an interest payment within the meaning of
Article 6(1)(b) or (d): on the amount of interest or incomereferred to in those paragraphs or by a levy of equivalenteffect to be borne by the beneficial owner on the fullamount of the proceeds of the sale, redemption or refund;
(c) in the case of an interest payment within the meaning of
Article 6(1)(c): on the amount of income referred to in thatparagraph.
3. For the purposes of points (a), (b) and (c) of paragraph 2,
withholding tax shall be levied pro rata for the period duringwhich the beneficial owner held the debt claim, shares or unitsthat generated the income. When the paying agent is unable todetermine the period of holding on the basis of information in
its possession, it shall treat the beneficial owner as having held
the debt claim, shares or units throughout their period ofexistence unless the beneficial owner provides evidence of thedate of acquisition.
4. Taxes and retentions levied on an interest payment, other
than the withholding tax provided for under this Agreement,shall be deducted from the withholding tax calculated on thatinterest payment in accordance with this Article.5. The levying of withholding tax by a paying agent estab-
lished in the Principality of Monaco shall not preclude theMember State of the European Community where the beneficialowner is resident for tax purposes from taxing the income inaccordance with its national law. Where a taxpayer declaresincome from interest paid by a paying agent established inthe Principality of Monaco to the tax authorities of theMember State of the European Community where he resides,
this income shall be taxed at the same rate and under the same
general conditions as interest earned within that Member State.
Article 8
Sharing withholding tax
1. The Principality of Monaco shall retain 25 % of the
revenue generated by the withholding tax levied in accordancewith Article 7 and transfer 75 % to the Member State of theEuropean Community in which the beneficial owner of theinterest is resident in accordance with Article 3(2)(b).
2. Such transfers shall take place for each year in one
instalment per Member State at the latest within six monthsof the end of the tax year of the Principality of Monaco.
3. The Principality of Monaco shall take the measures
necessary to ensure the proper functioning of the revenue-sharing system.
To that end, the Principality of Monaco shall transfer revenue
accruing to the Member State of the European Communityconcerned to the competent authority designated in Annex 1to this Agreement.
Article 9
Voluntary disclosure
1. The Principality of Monaco shall lay down a procedure
allowing a beneficial owner within the meaning of Article 2 toavoid the withholding tax provided for in Article 7 by expresslyauthorising his paying agent established in the Principality ofMonaco to disclose interest payments to the competentauthority of the Principality of Monaco. The authorisationshall cover all interest payments made to the beneficial ownerby that paying agent.
2. The information to be disclosed by the paying agent in
the event of express authorisation from the beneficial ownershall include at least:
(a) the identity and residence of the beneficial owner, estab-
lished in accordance with Article 3;
(b) the name and address of the paying agent;EN 21.1.2005 Official Journal of the European Union L 19/57
(c) the account number of the beneficial owner or the identi-
fication of the debt claim giving rise to the payment ofinterest;
(d) the amount of the interest payment, established in
accordance with Article 6.
3. The competent authority of the Principality of Monaco
shall forward the information referred to in paragraph 2 tothe competent authority of the Member State of the EuropeanCommunity where the beneficial owner is resident. This infor-mation shall be provided at least once a year, within six monthsof the end of the tax year of the Principality of Monaco, inrespect of all interest payments made in the year in question.
Article 10
Elimination of double taxation and/or repayment of
withholding tax
1. The Member State of the European Community where the
beneficial owner is resident for tax purposes shall ensure theelimination of any double taxation which might result from thelevying of the withholding tax referred to in Article 7, inaccordance with the provisions of paragraphs 2 and 3.
2. If a paying agent in the Principality of Monaco has levied
the withholding tax referred to in Article 7 on interest receivedby a beneficial owner, the Member State of the EuropeanCommunity where the beneficial owner is resident for taxpurposes shall grant him a tax credit equal to the amount ofthat withholding tax. Where this amount exceeds the amount oftax due in accordance with its national law on the total amount
of interest subject to withholding tax, the Member State of the
European Community in which the beneficial owner is residentfor tax purposes shall, regardless of any of its standard tax-credit mechanisms or divergent administrative practices, repaythe excess amount of tax withheld to the beneficial owner.
3. If, in addition to the withholding tax referred to in Article
7, interest payments received by a beneficial owner have beensubject to any other type of withholding tax and the MemberState of the European Community of residence for tax purposesgrants or would grant a tax credit for such withholding tax inaccordance with its national law or double taxationconventions, such other withholding tax shall be creditedbefore the procedure in paragraph 2 is applied.
4. The Member State of the European Community where the
beneficial owner is resident for tax purposes may replace thetax-credit mechanism referred to in paragraphs 2 and 3 bydirect and full repayment of the withholding tax referred toin Article 7.Article 11
Negotiable debt securities
1. From the date specified in Article 17, subject to Article
14(2) and for as long as the Principality of Monaco levies thewithholding tax referred to in Article 7 and at least one MemberState of the European Community applies similar provisions,until 31 December 2010 at the latest, domestic and interna-tional bonds and other negotiable debt securities first issuedbefore 1 March 2001, or for which the original issuing
prospectuses were approved before that date by the authorities
competent to do so, shall not be considered debt claims withinthe meaning of Article 6(1)(a), provided no further issues ofsuch negotiable debt securities are made on or after 1 March2002.
However, as long as at least one of the Member States of the
European Community also applies similar measures, theprovisions of this Article shall continue to apply beyond 31December 2010 in respect of such negotiable debt securities:
—which contain gross-up and early redemption clauses, and
—where the paying agent defined in Article 4 is established in
the Principality of Monaco, and
—where the paying agent pays interest to, or secures the
payment of interest for the immediate benefit of, a beneficialowner resident in a Member State of the EuropeanCommunity.
If and when all Member States of the European Community
cease to apply provisions similar to those of Article 7, theprovisions of this Article shall continue to apply solely inrespect of negotiable debt securities:
—which contain gross-up and early redemption clauses, and
—where the paying agent of the issuer is established in the
Principality of Monaco, and
—where that paying agent pays interest to, or secures the
payment of interest for the immediate benefit of, a beneficial
owner resident in a Member State of the EuropeanCommunity.
If a further issue is made on or after 1 March 2002 of an
aforementioned negotiable debt security issued by a governmentor a related entity acting as a public authority or whose role isrecognised by an international treaty, as defined in Annex 2, theentire issue of such security, consisting of the original issue andany further issue, shall be considered a debt claim within themeaning of Article 6(1)(a).EN L 19/58 Official Journal of the European Union 21.1.2005
If a further issue is made on or after 1 March 2002 of an
aforementioned negotiable debt security issued by any otherissuer not covered by the previous subparagraph, such furtherissue shall be considered a debt claim within the meaning ofArticle 6(1)(a).
2. Nothing in this Article shall prevent Member States of the
European Community from taxing the income from the nego-tiable debt securities referred to in paragraph 1 in accordancewith their national law.
Article 12
Transmission of information on request
1. The competent authorities of the Principality of Monaco
and the Member States of the European Community shallexchange information on acts which constitute, under thenational laws of the requested State, an offence of tax fraudwith regard to the taxation of savings income in the form ofinterest payments.
When the requested State is the Principality of Monaco, the
following acts shall be considered as constituting tax fraudwith regard to the taxation of savings income in the form ofinterest payments:
—the use of a false or falsified document or one which
contains inaccurate information with the intention ofavoiding or attempting to avoid payment of some or allof the tax due on savings income in the form of interestpayments, punishable by the fine provided for in Article26(4) of the Monaco Criminal Code, the amount of whichmay be up to four times the amount of tax evaded, and/or aperiod of imprisonment from eight days to two years,
—fraudulent obtention of a refund of some or all of the tax
due on savings income, punishable by the fine provided forin Article 26(4) of the Monaco Criminal Code, the amountof which may be up to four times the amount of taxevaded, and/or a period of imprisonment from eight daysto two months,
—the act by anyone bound to collect tax on savings income,
deliberately failing to collect some or all of the tax due,punishable by a fine of the amount provided for inArticle 26(4) of the Monaco Criminal Code,
—the act by anyone bound to collect tax on savings income,
deliberately misappropriating the amounts collected for hisown benefit or that of a third party, punishable by a fine ofthe amount provided for in Article 26(4) of the MonacoCriminal Code.Once the conditions laid down in Article 13(3) have been
effectively established, the principles for the exchange of infor-mation laid down in this Article shall apply to equivalentoffences under the legislation of the requested State, comparablein gravity to the tax fraud defined above.
In response to a duly substantiated request in accordance with
paragraph 3, the requested State shall provide information oncases in which the requesting State has initiated administrative,civil or criminal proceedings in respect of the above acts,confining that information to savings income taxable in therequesting State.
The information that may be forwarded is that referred to in
Article 9(2).
2. In order to determine whether information may be
provided in response to a request, the requested State shalluse the provisions concerning time-barring under the law ofthe requesting State, not those of the requested State. No infor-mation whatsoever will be provided on offences committedbefore 1 July 2005.
3. For the purposes of establishing the relevance of the
request, the competent authority of the requesting ContractingParty shall provide the following information, which must bedrafted in the official language of the requested State:
(a) the name of the authority submitting the request;
(b) the identity of the individual concerned by the request for
information, evidence of that person's status as a taxresident of the requesting State and any document,statement by the individual concerned or other substan-tiated proof underpinning the request;
(c) the grounds for believing that the information requested is
held by the requested Contracting Party or is in thepossession or control of a person within its jurisdiction;
(d) a statement that the request is in conformity with the law of
the requesting Contracting Party, and in particular that it isnot time barred;
(e) a statement that the requesting Contracting Party has
pursued all means available in its own territory, and/orprovided for by its legislation or regulations, to obtain theinformation, except those that would give rise to difficulties;
(f) a statement that the facts already known to the requesting
Contracting Party constitute, under its law, consistentcircumstantial evidence that tax fraud or an equivalentoffence defined in paragraph 1 has been committed.EN 21.1.2005 Official Journal of the European Union L 19/59
4. The requested Contracting Party may refuse to provide the
information requested if the request does not comply with theprovisions of this Agreement.
Any information exchanged in this way must be treated as
confidential and may be revealed only to persons orcompetent authorities of the other Contracting Party whichare responsible for the taxation of the interest paymentsreferred to in Article 1. These persons or authorities mayreveal the information received, in the requesting State only,
in public hearings or judgments relating to such taxation.
Information may be communicated to another person or
authority only with the prior written agreement of the
competent authority of the Contracting Party providing theinformation.
Article 13
Consultation and review
1. In the event of disagreement between the competent
authority of the Principality of Monaco and one or morecompetent authorities of the Member States of the EuropeanCommunity within the meaning of Article 5 on the interpre-tation or application of this Agreement, they shall endeavour toresolve their differences amicably. They shall immediately notifythe European Commission and the competent authorities of theother Member States of the European Community of the resultsof their consultations.
The European Commission may take part in consultations on
issues of interpretation at the request of any competentauthority.
2. Notwithstanding the provisions of paragraph 1, the
Contracting Parties shall consult each other at least onceevery three years or at the request of either Contracting Partywith a view to examining and —if they consider it necessary —
improving the technical functioning of the Agreement.
At any rate the Contracting Parties recognise the importance of
international developments in the area covered by thisAgreement and shall consult each other as necessary at the
consultations provided for in this paragraph in order to
examine whether changes to the Agreement are necessary inthe light of international developments.
3. In view of the conclusion of bilateral agreements between
the Member States and the third countries subject to the sameobligations as the Principality of Monaco in the matter of thetaxation of savings income in the form of interest payments, thePrincipality of Monaco will examine the scope and conditionsfor the implementation of the principles laid down in Article 12in the event of equivalent offences comparable in gravity to thetax fraud defined in that Article. The Principality of Monaco will
initiate consultations with the European Commission to thatend.
4. Consultations shall be held within one month of the
request or as soon as possible in urgent cases.
5. For the purposes of the consultations referred to above,
the Contracting Parties shall inform each other of any devel-
opments which could affect the proper functioning of thisAgreement. This shall also include any relevant agreementbetween one of the Contracting Parties and a third country.
Article 14
Application and suspension of application
1. Application of this Agreement is conditional on the
adoption and implementation by the dependent or associatedterritories of the Member States listed in the Report of theCouncil (Economic and Financial Affairs) to the EuropeanCouncil of Santa Maria de Feira of 19 and 20 June 2000 andby the United States of America, Andorra, Liechtenstein, Swit-zerland and San Marino, respectively, of measures identical orequivalent to those contained in Council Directive 2003/48/ECor in this Agreement, and providing for the same applicationdates.
2. The Contracting Parties shall decide, by common accord,
at least six months before the date referred to in Article 17,
whether the conditions set out in paragraph 1 are met withregard to the dates of entry into force of the relevant measuresin the Member States of the European Community, the thirdcountries and dependent or associated territories concerned. Ifthe Contracting Parties do not decide that the conditions aremet, they shall, by common accord, adopt a new date for thepurposes of Article 17. To that end, the European Communityshall notify the Principality of Monaco of the implementationby the Member States of the European Community, thedependent or associated territories and the third countriesconcerned of identical or equivalent measures.
3. Notwithstanding its institutional arrangements and subject
to the above provisions, the Principality of Monaco shallimplement this Agreement on the date referred to in Article17 and notify this measure to the European Community.
4. Implementation of this Agreement or parts thereof may
be suspended by either Contracting Party with immediate effectby means of notification to the other Contracting Party whereCouncil Directive 2003/48/EC or a corresponding part thereofceases to be applicable either temporarily or permanently inaccordance with European Community law, or where one ofthe Member States of the European Community suspends theapplication of its implementing legislation.EN L 19/60 Official Journal of the European Union 21.1.2005
5. Either Contracting Party may also suspend implementation
of this Agreement by notifying the other if one of the five thirdcountries referred to above (United States of America, Monaco,Liechtenstein, Switzerland or San Marino) or one of thedependent or associated territories of the Member States ofthe European Union referred to in paragraph 2 subsequentlyceases applying measures which are respectively equivalent oridentical to those of Council Directive 2003/48/EC. Suspension
of implementation shall not come into effect until two months
after notification. Application of the Agreement shall resume assoon as the measures are reinstated.
Article 15
Other centres/Asian centres
During the transitional period provided for in Council Directive
2003/48/EC, the European Community shall initiate discussionswith other major financial centres with a view to the adoptionand application by the relevant jurisdictions of measuresequivalent to those to be applied in the Community.
Article 16
Signing, entry into force and termination
1. This Agreement is concluded subject to its ratification or
approval by the Contracting Parties in accordance with theirinternal procedures. The Contracting Parties shall notify eachother of the completion of these procedures. The present
Agreement shall enter into force on the first day of the
second month following the last notification.
2. This Agreement shall remain in force until terminated by
a Contracting Party.
3. Either Contracting Party may terminate this Agreement by
giving notice to the other. In that event, the Agreement shallcease to have effect twelve months after the serving of notice.
Article 17
Implementing rules
Without prejudice to the provisions of Article 14, the
Contracting Parties shall implement the laws, regulations andadministrative provisions necessary to allow the application ofthis Agreement from 1 July 2005.Article 18
Claims and final provisions
1. Termination or the total or partial suspension of this
Agreement shall not affect claims by third parties in accordancewith Article 10.
2. In such a case, the Principality of Monaco shall draw up a
final account before this Agreement ceases to apply and make afinal payment to each of the Member States of the European
Community.
Article 19
Territorial application
This Agreement shall apply, on the one hand, to the territories
in which the Treaty establishing the European Communityapplies and under the conditions laid down in that Treatyand, on the other hand, to the territory of the Principality ofMonaco.
Article 20
Annexes
1. The two Annexes shall form part of this Agreement.
2. The list of the competent authorities in Annex 1 may be
modified by a simple notification to the other Contracting Partyby the Principality of Monaco as regards the authoritymentioned in point (a) of the said Annex and by the
European Community as regards the other authorities.
The list of entities in Annex 2 may be modified by common
accord.
Article 21
Languages
1. This Agreement is drafted in duplicate in the following
languages: Czech, Danish, Dutch, English, Estonian, Finnish,French, German, Greek, Hungarian, Italian, Latvian, Lithuanian,Polish, Portuguese, Slovak, Slovenian, Spanish and Swedish, thetexts in each language being equally authentic.
2. The Maltese language version shall be authenticated by the
Contracting Parties on the basis of an Exchange of Letters. Itshall also be authentic, in the same way as for the languagesreferred to in paragraph 1.EN 21.1.2005 Official Journal of the European Union L 19/61
EN FE DE LO CUAL, los plenipotenciarios abajo firmantes suscriben el presente Acuerdo.
NA D ŮKAZ ČEHO Žpřipojili ní že podepsaní zplnomocn ění zástupci k této smlouv ěsvé podpisy.
TIL BEKRÆFTELSE HERAF har undertegnede befuldmægtigede underskrevet denne aftale.
ZU URKUND DESSEN haben die unterzeichneten Bevollmächtigten ihre Unterschriften unter dieses
Abkommen gesetzt.
SELLE KINNITUSEKS on täievolilised esindajad käesolevale lepingule alla kirjutanud.
ΣΕ ΠΙΣΤΩΣΗ ΤΩΝ ΑΝΩΤΕΡΩ ,οι υπογράφοντες πληρεξούσιοι έθεσαν την υπογραφή τους κάτω από την
παρούσα συμφωνία .
IN WITNESS WHEREOF, the undersigned Plenipotentiaries have signed the present Agreement.EN FOI DE QUOI, les plénipotentiaires soussignés ont apposé leurs signatures au bas du présent accord.IN FEDE DI CHE, i plenipotenziari sottoscritti hanno apposto la propria firma in calce al presente accordo.
TO APLIECINOT, attiec īgi pilnvarotas personas ir parakst ījušasšo nol īgumu.
TAI PALIUDYDAMI, šįSusitarim ąpasira šėtoliau nurodyti įgaliotieji atstovai.
A FENTIEK HITELÉÜL az alulírott meghatalmazottak e megállapodást alább kézjegyükkel látták el.
B'XIEHDA TA' DAN, il-Plenipotenzjari hawn ta ħt iffirmati ffirmaw dan il-Ftehim.
TEN BLIJKE WAARVAN de ondergetekende gevolmachtigden hun handtekening onder deze overeenkomst
hebben geplaatst.
NA DOWÓD CZEGO ni żej podpisani pe łnomocnicy podpisali niniejsz ąUmow ę.
EM FÉ DO QUE, os plenipotenciários abaixo assinados apuserem as suas assinaturas no final do presente
Acordo.
NA DÔKAZ ČOHO dolupodpísaní splnomocnení zástupcovia podpísali túto dohodu.
V POTRDITEV TEGA so spodaj podpisani poobla ščenci podpisali ta sporazum.
TÄMÄN VAKUUDEKSI allamainitut täysivaltaiset edustajat ovat allekirjoittaneet tämän sopimuksen.
TILL BEVIS HÄRPÅ har undertecknade befullmäktigade undertecknat detta avtal.
Hecho en Bruselas, el siete de diciembre del dos mil cuatro.
V Bruselu dne sedmého prosince dva tisíce čtyři.
Udfærdiget i Bruxelles, den syvende december to tusind og fire.
Geschehen zu Brüssel am siebten Dezember zweitausendundvier.
Kahe tuhande neljanda aasta detsembrikuu seitsmendal päeval Brüsselis.Έγινε στις Βρυξέλλες ,στις εφτά Δεκεμβρίου δύο χιλιάδες τέσσερα .
Done at Brussels on the seventh day of December in the year two thousand and four.
Fait à Bruxelles, le sept décembre deux mille quatre.Fatto a Bruxelles, addì sette dicembre duemilaquattro.Brisel ē, divi t ūksto ši ceturt āgada sept ītajādecembr ī.
Pasira šyta du t ūkstan čiai ketvirt ųmetųgruod žio septint ądien ąBriuselyje.
Kelt Brüsszelben, a kett őezer negyedik év december hetedik napján.
Mag ħmul fi Brussel fis-seba' jum ta' Di ċembru tas-sena elfejn u erbg ħa.
Gedaan te Brussel, de zevende december tweeduizendvier.
Sporz ądzono w Brukseli dnia siódmego grudnia roku dwutysi ęcznego czwartego.
Feito em Bruxelas, em sete de Dezembro de dois mil e quatro.V Bruseli siedmeho decembra dvetisíc štyri.
Podpisano v Bruslju, dne sedmega decembra leta dva tiso čštiri.
Tehty Brysselissä seitsemäntenä päivänä joulukuuta vuonna kaksituhattaneljä.Som skedde i Bryssel den sjunde december tjugohundrafyra.EN L 19/62 Official Journal of the European Union 21.1.2005
Por la Comunidad Europea
Za Evropské spole čenství
For Det Europæiske FællesskabFür die Europäische GemeinschaftEuroopa Ühenduse nimel
Για την Ευρωπαϊκή Κοινότητα
For the European CommunityPour la Communauté européennePer la Comunità europeaEiropas Kopienas v ārdā
Europos bendrijos varduaz Európai Közösség részér ől
Għall-Komunità Ewropea
Voor de Europese GemeenschapW imieniu Wspólnoty EuropejskiejPela Comunidade EuropeiaZa Európske spolo čenstvo
za Evropsko skupnostEuroopan yhteisön puolesta
På Europeiska gemenskapens vägnar
Pour la Principauté de Monaco
EN 21.1.2005 Official Journal of the European Union L 19/63
ANNEX I
LIST OF COMPETENT AUTHORITIES OF THE CONTRACTING PARTIES
The Contracting Parties' competent authorities for the purposes of this Agreement are:
(a) in the Principality of Monaco: le Conseiller de Gouvernement pour les Finances et l'Economie or an authorised
representative,
(b) in the Kingdom of Belgium: De Minister van Financiën/Le Ministre des Finances or an authorised representative,
(c) in the Czech Republic: Ministr financí or an authorised representative,
(d) in the Kingdom of Denmark: Skatteministeren or an authorised representative,
(e) in the Federal Republic of Germany: Der Bundesminister der Finanzen or an authorised representative,
(f) in the Republic of Estonia: Rahandusminister or an authorised representative,
(g) in the Hellenic Republic: Ο Υπουργός Οικονομίας και Οικονομικών or an authorised representative,
(h) in the Kingdom of Spain: El Ministro de Economía y Hacienda or an authorised representative,
(i) in the French Republic: Le Ministre chargé du budget or an authorised representative,
(j) in Ireland: The Revenue Commissioners or their authorised representative,
(k) in the Italian Republic: Il Capo del Dipartimento per le Politiche Fiscali or an authorised representative,
(l) in the Republic of Cyprus: Υπουργός Οικονομικών or an authorised representative,
(m) in the Republic of Latvia: Finan šu ministrs or an authorised representative,
(n) in the Republic of Lithuania: Finans ųministras or an authorised representative,
(o) in the Grand Duchy of Luxembourg: Le Ministre des Finances or an authorised representative; however, for the
purposes of Article 12, the competent authority shall be le Procureur Général d'Etat luxemburgeois,
(p) in the Republic of Hungary: A pénzügyminiszter or an authorised representative,
(q) in the Republic of Malta: Il-Ministru responsabbli g ħall-Finanzi or an authorised representative,
(r) in the Kingdom of the Netherlands: De Minister van Financiën or an authorised representative,
(s) in the Republic of Austria: Der Bundesminister für Finanzen or an authorised representative,
(t) in the Republic of Poland: Minister Finansów or an authorised representative,
(u) in the Portuguese Republic: O Ministro das Finanças or an authorised representative,
(v) in the Republic of Slovenia: Minister za financií or an authorised representative,
(w) in the Slovak Republic: Minister financií or an authorised representative,
(x) in the Republic of Finland: Valtiovarainministeriö/Finansministeriet or an authorised representative,
(y) in the Kingdom of Sweden: Chefen för Finansdepartementet or an authorised representative,
(z) in the United Kingdom of Great Britain and Northern Ireland and in the European territories for whose external
relations the United Kingdom is responsible: the Commissioners of Inland Revenue or their authorised representativeand the competent authority in Gibraltar, which the United Kingdom will designate in accordance with the Agreed
Arrangements relating to Gibraltar authorities in the context of European Union and European Community
instruments and related Treaties notified to the Member States and institutions of the European Union of 19April 2000, a copy of which shall be notified to the Principality of Monaco by the Secretary-General of theCouncil of the European Union, and which shall apply to this Agreement.EN L 19/64 Official Journal of the European Union 21.1.2005
ANNEX II
LIST OF RELATED ENTITIES
For the purposes of Article 11 of this Agreement, the following entities shall be considered to be ‘a related entity acting as
a public authority or whose role is recognised by an international treaty ’:
ENTITIES WITHIN THE EUROPEAN UNION:
Belgium
—Vlaams Gewest
—Région wallonne
—Région de Bruxelles-Capitale (Brussels Hoofdstedelijk Gewest)
—Communauté française
—Vlaamse Gemeenschap
—Deutschsprachige Gemeinschaft
Spain
—Xunta de Galicia
—Junta de Andalucía
—Junta de Extremadura
—Junta de Castilla-La Mancha
—Junta de Castilla y León
—Gobierno Foral de Navarra
—Govern de les Illes Balears
—Generalitat de Catalunya
—Generalitat de València
—Diputación General de Aragón
—Gobierno de las Islas Canarias
—Gobierno de Murcia
—Gobierno de Madrid
—Gobierno de la Comunidad Autónoma del País Vasco/Euzkadi
—Diputación Foral de Guipúzcoa
—Diputación Foral de Vizcaya/Bizkaia
—Diputación Foral de Alava
—Ayuntamiento de Madrid
—Ayuntamiento de Barcelona
—Cabildo Insular de Gran Canaria
—Cabildo Insular de TenerifeEN 21.1.2005 Official Journal of the European Union L 19/65
—Instituto de Crédito Oficial
—Instituto Catalán de Finanzas
—Instituto Valenciano de Finanzas
Greece
—Оργανισμός Тηλεπικοινωνιών Ελλάδος (Greek Telecommunications Organisation)
—Оργανισμός Σιδηροδρόμων Ελλάδος (Greek Railways Organisation)
—Δημόσια Επιχείρηση Ηλεκτρισμού (Public Power Corporation)
France
—La Caisse d'amortissement de la dette sociale (CADES)
—L'Agence française de développement (AFD)
—Réseau Ferré de France (RFF)
—Caisse Nationale des Autoroutes (CNA)
—Assistance publique Hôpitaux de Paris (APHP)
—Charbonnages de France (CDF)
—Entreprise minière et chimique (EMC)
Italy
—Regions
—Provinces
—Municipalities
—Cassa Depositi e Prestiti
Latvia
—Pašvaldības (local governments)
Poland
—gminy (communes)
—powiaty (districts)
—województwa (provinces)
—związki gmin (associations of communes)
—związki powiatów (associations of districts)
—związki województw (associations of provinces)
—miasto sto łeczne Warszawa (capital city of Warsaw)
—Agencja Restrukturyzacji i Modernizacji Rolnictwa (Agency for Restructuring and Modernisation of Agriculture)
—Agencja Nieruchomo ści Rolnych (Agricultural Property Agency)EN L 19/66 Official Journal of the European Union 21.1.2005
Portugal
—Região Autónoma da Madeira (Autonomous Region of Madeira)
—Região Autónoma dos Açores (Autonomous Region of the Azores)
—Communes
Slovakia
—mestá a obce (municipalities)
—Železnice Slovenskej republiky (Slovak Railway Company)
—Štátny fond cestného hospodárstva (State Road Management Fund))
—Slovenské elektrárne (Slovak Power Plants)
—Vodohospodárska výstavba (Water Economy Building Company)
INTERNATIONAL ENTITIES AND UNDERTAKINGS:
—European Bank for Reconstruction and Development
—European Investment Bank
—Asian Development Bank
—African Development Bank
—World Bank/IBRD/IMF
—International Finance Corporation
—Interamerican Development Bank
—Council of Europe Social Development Fund
—Euratom
—European Community
—Andean Development Corporation (CAF)
—Eurofima
The provisions of Article 11 of the Agreement are without prejudice to any international obligations that the Contracting
Parties may have entered into in respect of the abovementioned international entities.
THIRD-COUNTRY ENTITIES:
Entities satisfying the following criteria:
1. the entity is considered to be a public entity according to national criteria;
2. this public entity is a non-market producer which administers and finances a group of activities, principally providing
non-market goods or services intended for the benefit of the community and which are effectively controlled by public
administration;
3. this public entity is a large and regular issuer of debt securities;
4. the State concerned is able to guarantee that this public entity will not exercise early redemption in the event of gross-
up clauses.EN 21.1.2005 Official Journal of the European Union L 19/67
MEMORANDUM OF UNDERSTANDING
between the European Community and the Principality of Monaco
When an Agreement providing for measures equivalent to those laid down in Council Directive 2003/48/EC
of 3 June 2003 on taxation of savings income in the form of interest payments, hereinafter referred to as‘the Directive ’, was concluded, the European Community and the Principality of Monaco signed this
Memorandum of Understanding supplementing the Agreement.
If either Contracting Party finds that significant differences in the implementation of exchanges of infor-
mation mean that the Agreement would not be applied in an evidently equitable manner, the ContractingParties shall immediately hold consultations with a view to determining the arrangements necessary toestablish equal treatment. The European Commission shall immediately report to the Council on theseconsultations and propose the measures necessary to restore equal treatment. In the interim, any newrequest for information under Article 12 of this Agreement which is of the same kind as that whichgave rise to the application of this paragraph will be examined during the consultations.
Should a significant difference be detected between the scope of Council Directive 2003/48/EC and that of
this Agreement, in particular with regard to Articles 4 and 6 of the Agreement, the Contracting Parties shallimmediately consult each other in accordance with Article 13(1) of the Agreement with a view to ensuringthat the measures laid down by the Agreement remain equivalent.
The signatories of this Memorandum of Understanding declare that they consider the Agreement referred to
in the first paragraph and this Memorandum of Understanding to provide an acceptable and balancedarrangement that can be considered as safeguarding the interests of the Parties. They will thereforeimplement the agreed measures in good faith and will not act unilaterally in such a way as toundermine this arrangement without due cause.
Once it has been established that the prudential rules and supervisory measures applicable to the Mone-
gasque operators concerned are such as to guarantee the smooth operation of the Internal Market in thesectors in question, the European Community is prepared to examine with the Government of the Princi-pality of Monaco conditions conducive to the development of trade between Monaco and the Communityin certain financial instruments and insurance services. Thus, and in accordance with the foreign policyposition adopted by the Community with regard to similar requests in the past, any possible agreementwould have to be based on the adoption and application by the Principality of Monaco of the present andfuture Community acquis in the sectors concerned. It is also likely that other rules, both present and future,relevant to the smooth operation of the Internal Market in the sectors in question, for instance competitionand tax rules, would have to be applied by the Principality of Monaco.
The signatories of this Memorandum of Understanding note that the definition of tax fraud, under the
Agreement between the European Community and the Principality of Monaco providing for measuresequivalent to those laid down in the Directive, is solely for the relevant purposes of taxation of savings.
Drawn up at Brussels on 7 December 2004 in duplicate in the Czech, Danish, Dutch, English, Estonian,
Finnish, French, German, Greek, Hungarian, Italian, Latvian, Lithuanian, Polish, Portuguese, Slovak,Slovenian, Spanish and Swedish languages, each of these languages being equally authentic.
The Maltese language version shall be authenticated by the signatories on the basis of an Exchange of
Letters. It shall also be authentic, in the same way as for the languages referred to in the precedingparagraph.EN L 19/68 Official Journal of the European Union 21.1.2005
Por la Comunidad Europea
Za Evropské spole čenství
For Det Europæiske FællesskabFür die Europäische GemeinschaftEuroopa Ühenduse nimel
Για την Ευρωπαϊκή Κοινότητα
For the European CommunityPour la Communauté européennePer la Comunità europeaEiropas Kopienas v ārdā
Europos bendrijos varduaz Európai Közösség részér ől
Għall-Komunità Ewropea
Voor de Europese GemeenschapW imieniu Wspólnoty EuropejskiejPela Comunidade EuropeiaZa Európske spolo čenstvo
za Evropsko skupnostEuroopan yhteisön puolesta
På Europeiska gemenskapens vägnar
Pour la Principauté de Monaco
EN 21.1.2005 Official Journal of the European Union L 19/69