Proposal for a Council directive to ensure effective taxation of savings income in the form of interest payments within the Community
Date: 2001-07-18
Institutions: European Commission
Subjects: administrative cooperation, approximation of laws, capital movement, capital transfer, exchange of information, frontier region, savings, tax system, taxable income

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Proposal for a Council Directive to ensure effective taxation of savings income in the form of
interest payments within the Community

(2001/C 270 E/31)

COM(2001) 400 final (cid:151) 2001/0164(CNS)

(Submitted by the Commission on 19 July 2001)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European
Community, and in particular Article 94 thereof,

for a Directive to ensure a minimum of effective taxation
of savings income in the form of interest payments within
the Community.

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Parliament,

(8) That proposal was the subject of intensive discussions at
political and technical level from July 1998 onwards but
failed to win the unanimous support of Member States.

Having regard to the opinion of
Committee,

the Economic and Social

Whereas:

(1) Council Directive 88/361/EEC of 24 June 1988 for the
the Treaty (1) has
implementation of Article 67 of
allowed the complete liberalisation of capital movements,
including
the
Community between residents of Member States since
1990; the free movement of capital is now enshrined in
Articles 56 to 60 of the Treaty.

investment,

taking

direct

place

in

(2) Savings income in the form of interest payments from
debt-claims constitutes taxable income for residents of
all Member States.

(3) By virtue of Article 58(1) of the Treaty, Member States
have the right to apply the relevant provisions of their tax
law which distinguish between taxpayers who are not in
the same situation with regard to their place of residence
or with regard to the place where their capital is invested,
and to take all requisite measures to prevent infringements
of national law and regulations, in particular in the field
of taxation.

(4) In accordance with Article 58(3) of

the
provisions of Member States’ national tax law designed
to counter abuse or fraud should not constitute a means
of arbitrary discrimination or a disguised restriction on
the free movement of capital and payments as established
by Article 56 of the Treaty.

the Treaty,

(5) In the absence of any co-ordination of national

tax
systems for taxation of savings income in the form of
interest payments, particularly as far as the treatment of
interest received by non-residents is concerned, residents
of Member States are currently often able to avoid any
form of taxation in their Member State of residence on
interest they receive in another Member State.

(6) This scope for tax avoidance is creating distortions in the
capital movements between Member States which are
incompatible with the internal market.

(7) In line with the ECOFIN conclusions of 1 December 1997,
the Commission adopted on 20 May 1998 (2) a proposal

(9) Therefore this Directive builds on the consensus reached
at the Santa Maria da Feira European Council of 19 and
20 June 2000 and the subsequent ECOFIN Council of 26
and 27 November 2000.

(10) The objective of this Directive is to ensure that cross-
border savings income in the form of interest payments
can be subject to effective taxation in the Member State of
residence of the taxpayer in accordance with its national
laws.

(11) The scope of this Directive is limited to interest payments
made by a paying agent established in one Member State
in
to beneficial owners who are individuals
another Member State.

resident

and can therefore be better

(12) Since the objective of this Directive, which is that of the
effective taxation of cross-border savings income within
the Community, cannot be sufficiently achieved by the
Member States, because of the absence of any co-ordi-
nation of national systems for the taxation of savings
income,
achieved at
Community level, the Community may adopt measures
in accordance with the principle of subsidiarity as set
out in Article 5 of the Treaty. In accordance with the
principle of proportionality, as set out
in that Article
this Directive confines itself to the minimum required in
order to achieve those objectives and does not go beyond
what is necessary for that purpose.

(13) The paying agent is the economic operator who pays
interest to, or secures the payment of interest for the
immediate benefit of, the beneficial owner; the payment
of interest does not include the mere passive receipt of a
payment by a bank or
institution into the
beneficial owner’s account.

financial

(14) In defining the notion of interest payment and the paying
agent mechanism reference should be made, where appro-
priate, to Council Directive 85/611/EEC of 20 December
regulations and
1985 on the co-ordination of
administrative provisions
for
collective investment in transferable securities (UCITS) (3).

relating to undertakings

laws,

(1) OJ L 178, 8.7.1988, p. 5.
(2) OJ C 212, 8.7.1998, p. 13.

(3) OJ L 375, 31.12.1985, p. 3.

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(15) The scope of this Directive should be limited to taxation
of savings income in the form of interest payments on
debt-claims, to the exclusion of the issues relating to the
taxation of pension and insurance benefits.

so by crediting this withholding tax up to the amount of
tax due in its territory on such interest and by reim-
bursing to the beneficial owner any excess amount of
tax withheld.

(16) The objective of ensuring effective taxation of

interest
payments can be achieved thanks to the exchange of
information
between
Member States.

concerning

payments

interest

(17) Council Directive 77/799/EEC of 19 December 1977
concerning mutual assistance by the competent auth-
taxation (1)
orities in the field of direct and indirect
already provides a basis for Member States to exchange
information for tax purposes and should as a general rule
apply equally to the exchange of information under this
Directive.

(18) The automatic exchange of information between Member
States concerning interest payments covered by this
Directive constitutes a conditio sine qua non for ensuring
effective taxation of cross-border interest payments.

(19) It should therefore be stipulated that Member States which
exchange information pursuant to this Directive should
not be permitted to rely on the limits to the exchange
of
in Article 8 of Directive
77/799/EEC.

information as set out

(20) In order to allow them more time to adapt their legis-
lation Belgium, Luxembourg and Austria should not be
required to exchange information for the purposes of
this Directive during a transitional period of seven years
after the entry into force of this Directive, but should
receive such information from the other Member States.

(21) During this transitional period, these three Member States
should be required to ensure a minimum of effective
taxation of
interest
payments by levying a withholding tax.

income in the form of

savings

(22) Those Member States should transfer the greater part of
the revenue of this withholding tax to the Member State
of residence of the beneficial owner of the interest.

(23) Those Member States should provide for a procedure
allowing beneficial owners resident
in other Member
States to avoid the imposition of this withholding tax
by authorising their paying agent to report the interest
payments or by presenting a certificate issued by the
competent authority of their Member State of residence.

(24) The Member State of residence of the beneficial owner
should ensure the elimination of any double taxation of
from the
the interest payments which might
imposition of this withholding tax in accordance with
the procedures laid down in this Directive; it should do

result

(1) OJ L 336, 27.12.1977, p. 15.

(25) In order to avoid market disruption, this Directive should,
during the transitional period, not apply to interest
payments on existing domestic and international bonds
for which the
and other negotiable debt
issuing prospectuses have been certified before 1 March
2001 or which, in the absence of any prospectus, have
been issued before that date.

securities

(26) Provision should be made in order to allow Member
States levying withholding tax to exempt paying agents
acting on behalf of
international organisations issuing
from the obligation to withhold tax on
debt-claims
interest paid on such debt-claims, where such an obli-
gation would be contrary to international agreements
concluded by those Member States with respect to such
organisations.

(27) This Directive should not preclude Member States from
levying other types of withholding tax than that referred
to in this Directive on interest arising in their territories.

(28) The Commission should report every three years on the
operation of this Directive and propose to the Council any
amendments that prove necessary in order better
to
ensure effective taxation of
income and to
remove undesirable distortions of competition.

savings

(29) This Directive respects the fundamental rights and prin-
ciples which are recognised, in particular, by the Charter
of Fundamental Rights of the European Union,

HAS ADOPTED THIS DIRECTIVE:

CHAPTER I

INTRODUCTORY PROVISIONS

Article 1

Aim

1.
The aim of the Directive is to ensure that savings income
in the form of interest payments made in one Member State to
in another
beneficial owners who are individuals resident
Member State can be subject to effective taxation in accordance
with the national laws of the latter Member State.

take the necessary measures to
2. Member States shall
ensure that
the tasks necessary for the implementation of
this Directive are carried out by paying agents established
within their territory, irrespective of the place of establishment
of the debtor of the debt-claim producing the interest.

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Article 2

Definition of beneficial owner

this Directive,

For the purposes of

1.
(cid:145)beneficial owner(cid:146)
means any individual who receives an interest payment or
any individual
is
secured, unless he can provide evidence that he has not
received it for his own benefit. He shall not be regarded as a
beneficial owner where:

for whose benefit an interest payment

(a) he acts as a paying agent within the meaning of Article

4(1), or

(b) he acts on behalf of a legal person, an entity which is taxed
on its profits under the general arrangements for business
taxation, a UCITS within the meaning of Council Directive
85/611/EEC or an entity referred to in Article 4(2) of this
Directive and,
in the latter case, discloses the name and
address of that entity to the economic operator making
the interest payment and the latter communicates such
information to its Member State of establishment, or

(c) he acts on behalf of another

individual who is
beneficial owner and discloses to the paying agent
identity of
Article 3(2).

the
the
in accordance with

that beneficial owner

2. Where a paying agent has information suggesting that the
individual who receives an interest payment or for whom an
interest payment is secured may not be the beneficial owner, it
the
take reasonable steps to establish the identity of
shall
the
beneficial owner
If
paying agent
it
shall treat the individual in question as the beneficial owner.

in accordance with Article 3(2).
is unable to identify the beneficial owner,

Article 3

Identity and residence of beneficial owners

1.
Each Member State shall, within its territory, adopt and
ensure the application of the procedures necessary to allow the
paying agent
to identify the beneficial owners and their
residence for the purposes of this Directive.

(b) for contractual relations entered into on or after the date of
implementation of
the paying agent shall
the Directive,
establish the identity of the beneficial owner, consisting
of name, address and tax or other identification number
or, failing such number, the date and place of birth of the
beneficial owner.

In order to establish the residence of the beneficial owner
the following minimum

this Directive,

3.
for the purposes of
standards shall apply:

(a)

for contractual relations entered into before 1 January
the paying agent shall establish the residence of
2001,
the beneficial owner by using the information at
its
disposal, in particular pursuant to the regulations in force
in its state of establishment and to Directive 91/308/EEC;

(b) for contractual relations entered into on or after the date of
implementation of
the paying agent shall
the Directive,
establish the residence of the beneficial owner according
to the following procedure:

(i) for individuals holding a passport or similar official
document issued by a Member State who declare them-
selves to be resident in a third country, residence shall
be established by means of a residence certificate issued
by the competent authority of the third country in
which the individual claims to be resident;

(ii) in all other cases the residence shall be considered the
the beneficial owner’s permanent

country where
address is situated.

(c) For contractual relations entered into between 1 January
2001 and the date of
the Directive,
the paying agent shall check the residence of the beneficial
owner
laid down for
to the procedure
contractual relations entered into on or after the date of
implementation of the Directive.

implementation of

according

Such procedures shall comply with the minimum standards
established in paragraphs 2 and 3.

Article 4

Definition of paying agent

In order to establish the identity of the beneficial owner,

2.
the following minimum standards shall apply:

(a)

the Directive,

for contractual relations entered into before the date of
implementation of
the paying agent shall
establish the identity of the beneficial owner, consisting
of his name and address, by using the information at its
disposal, in particular pursuant to the regulations in force
in its state of establishment and to Council Directive
91/308/EEC (1);

(1) OJ L 166, 28.6.1991, p. 77.

For the purposes of this Directive,

1.
(cid:145)paying agent(cid:146) means
any economic operator who pays interest to, or secures the
payment of interest for the immediate benefit of, the beneficial
owner, whether it be the debtor of
the debt-claim which
produces the interest or the operator charged by the debtor
or the beneficial owner with paying interest or securing the
payment of interest.

is paid or

Any entity established in a Member State to which
the
the beneficial owner shall also be considered a
such

2.
interest
benefit of
paying agent upon such payment or
payment, provided that it is not:

for which interest

is secured for

securing of

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(a) a legal person,

(b) taxed on its profits under the general arrangements for

business taxation,

(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), distributed by

(c) a UCITS within the meaning of Directive 85/611/EEC.

(i) UCITS within the meaning of Directive 85/611/EEC,

An economic operator paying interest to, or securing interest
for, such an entity established in another Member State which
this paragraph shall
is considered a paying agent under
communicate the name and address of
the entity and the
total amount of interest paid to, or secured for, the entity to
the competent authority of its Member State of establishment,
which shall pass
information on to the competent
authority of the Member State where the entity is established.

this

The entity referred to in Paragraph 2 shall, however, have
3.
the option of being treated for the purposes of this Directive as
a UCITS within the meaning of Directive 85/611/EEC. The
exercise of such option shall be notified to the Member State
of establishment of the entity.

(ii) entities which have exercised the option of Article 4(3),

and

(iii) undertakings

for

collective

investment

established

outside the territory referred to in Article 7;

(d) income realised upon the sale, refund or redemption of
shares or units in the following undertakings and entities,
if they have invested more than 40 % of their assets in
debt-claims referred to in (a) or in other shares or units
as defined in this sub-paragraph:

(i) UCITS within the meaning of Directive 85/611/EEC,

Member States shall lay down the detailed rules for the exercise
of this option.

(ii) entities which have exercised the option under Article

4(3),

4. Where the economic operator and the entity referred to
in Paragraph 2 are established in the same Member State, that
Member State shall take the necessary measures to ensure that
the entity complies with the provisions of this Directive when
it acts as a paying agent.

Article 5

Definition of competent authority

For the purposes of this Directive (cid:145)competent authority(cid:146) means:

(a)

for Member States any of the authorities notified by the
Member States to the Commission, and

(b) for

third countries

the competent authority for

the
tax conventions or,
purposes of bilateral or multilateral
failing that, such other authority as is competent to issue
certificates of residence for tax purposes.

Article 6

Definition of interest payment

For the purposes of

1.
means:

this Directive,

(cid:145)interest payment(cid:146)

(a)

interest paid, or credited to an account, relating to debt-
claims of every kind, whether or not secured by mortgage
and whether or not carrying a right to participate in the
debtor’s profits, and in particular, income from government
securities and income from bonds or debentures, including
premiums and prizes attaching to such securities, bonds or
debentures; penalty charges for late payments shall not be
regarded as interest payments;

(iii) undertakings

for

collective

investment

established

outside the territory referred to in Article 7.

As regards paragraph 1(c), when a paying agent has no
2.
information concerning the proportion of the income which
derives from interest payments, the total amount of the income
shall be considered an interest payment.

As regards paragraph 1(d), when a paying agent has no
3.
information concerning the percentage of the assets invested in
debt-claims or in shares or units as defined in that paragraph,
that percentage shall be considered to be above 40 %.

4. When interest as defined in paragraph 1 is paid to or
credited to an account held by an entity referred to in Article
4(2), such entity not having exercised the option under Article
4(3), it shall be considered an interest payment by such entity.

5.
As regards paragraph 1(b) and (d) Member States shall
have the option of requiring paying agents in their territory to
annualise the interest over a period of time which may not
exceed one year, and treating such annualised interest as an
interest payment even if no sale, redemption or refund occurs
during that period.

By way of derogation from paragraphs 1(c) and (d),
6.
Member States shall have the option of excluding from the
definition of
interest payment any income referred to in
those provisions from undertakings or entities established
within their territory where the investment
in debt-claims
such entities has not
referred to in paragraph 1(a) of
exceeded 15 % of their portfolio.

The exercise of such option by a Member State shall be binding
on other Member States.

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The percentage

7.
paragraph 3 shall after the end of
referred to in Article 10 be 15 %.

referred to in paragraph 1(d) and
the transitional period

The percentages referred to in paragraph 1(d) and in
8.
paragraph 6 are determined by reference to the investment
policy as laid down in the fund rules or instruments of incor-
poration of the undertakings or entities concerned and, failing
which, by reference to the actual composition of the assets of
the undertakings or entities concerned.

Article 7

Territorial scope

This Directive shall apply to interest paid by a paying agent
established within the territory to which the Treaty applies by
virtue of Article 299 thereof.

CHAPTER II

EXCHANGE OF INFORMATION

Article 8

Information reporting by the paying agent

The minimum amount of information to be reported by
1.
the paying agent to the competent authority of its Member
State of establishment shall consist of:

(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;

(c)

the account number of the beneficial owner or, where there
is none, identification of the debt-claim giving rise to the
interest, and

(d) information concerning the interest payment in accordance

with the second paragraph.

The paying agent shall report at
2.
information concerning the interest payment:

least

the following

(a)

in the case of an interest payment within the meaning of
Article 6(1)(a): the amount of interest paid or credited;

(b) in the case of an interest payment within the meaning of
interest or
the full

Article 6(1)(b) or (d): either the amount of
income referred to in those paragraphs or
amount of the sale, redemption or refund;

(c)

in the case of an interest payment within the meaning of
Article 6(1)(c): either the amount of income referred to in
that paragraph or the full amount of the distribution;

the members of the entity referred to in Article 4(2) who
meet the conditions of Articles 1(1) and 2(1);

(e) where a Member State has exercised the option under

Article 6(5): the amount of annualised interest.

Article 9

Automatic exchange of information

The competent authority of

1.
the
paying agent shall communicate the information referred to
in Article 8 to the competent authority of the Member State
of residence of the beneficial owner.

the Member State of

2.
The communication of information shall be automatic
and shall take place at least once a year, within 6 months
following the end of the tax year of the Member State of the
paying agent, for all interest payments made during that year.

Article 8 of Directive 77/799/EEC (1) shall not apply to

3.
the information to be provided pursuant to this Chapter.

CHAPTER III

TRANSITIONAL PROVISIONS

Article 10

Transitional period

During a transitional period of seven years after the date of
entry into force of this Directive and subject to Article 13(1),
Belgium, Luxembourg and Austria shall not be required to
apply the provisions of Chapter II.

They shall, however,
Member States in accordance with Chapter II.

receive information from the other

Article 11

Withholding tax

1.
During the transitional period referred to in Article 10,
Belgium, Luxembourg and Austria shall ensure a minimum of
effective taxation of savings income in the form of interest
payments by levying a withholding tax at a rate of 15 %
during the first
the transitional period and
20 % for the remainder of the period.

three years of

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 income
referred to in those paragraphs or by a levy of equivalent
effect to be borne by the recipient on the full amount of
the proceeds of the sale, redemption or refund;

(d) in the case of an interest payment within the meaning of
Article 6(4): the amount of interest attributable to each of

(1) OJ L 336, 27.12.1977, p. 15.

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(c)

in the case of an interest payment within the meaning of
Article 6(1)(c): on the amount of income referred to in that
paragraph;

(d) in the case of an interest payment within the meaning of
Article 6(4): on the amount of interest attributable to each
of the members of the entity referred to in Article 4(2) who
meet the conditions of Articles 1(1) and 2(1);

(e) where a Member State has exercised the option under

Article 6(5): on the amount of annualised interest.

3.
For the purposes of points (a) and (b) of paragraph 2,
withholding tax is levied pro rata to the period of holding of
the debt-claim by the beneficial owner.

When the paying agent is unable to determine the period of
holding on the basis of information in its possession, it shall
the beneficial owner as having held the debt-claim
treat
throughout
existence unless he provides
evidence of the date of acquisition.

its period of

The imposition of withholding tax by the Member State
4.
of the paying agent shall not preclude the Member State of
residence of the beneficial owner from taxing the income in
accordance with its domestic law, subject to compliance with
the Treaty.

Article 12

Revenue sharing

Member States levying withholding tax in accordance with
Article 11 shall retain 25 % of the revenue of such tax and
transfer 75 % of the revenue to the Member State of residence
of the beneficial owner of the interest. Such transfer shall take
place at the latest within a period of 6 months following the
end of the tax year of the Member State of the paying agent.

Member States levying withholding tax shall take the necessary
the revenue
measures to ensure the proper functioning of
sharing system.

Article 13

Exceptions to the withholding tax procedure

1. Member States levying withholding tax in accordance
with Article 11 shall provide for either of
the following
procedures in order to ensure that the beneficial owners may
request that no tax be withheld:

(a) a procedure which allows the beneficial owner expressly to
authorise the paying agent
to report
information in
such authorisation being
II,
accordance with Chapter
valid for a period of three years and covering all interest
paid to the beneficial owner by that paying agent; in such a
case, the provisions of Article 9 shall apply;

(b) a procedure which ensures that withholding tax shall not
be levied where the beneficial owner presents to his paying
agent a certificate drawn up in his name by the competent
authority of his Member State of residence in accordance
with paragraph 2.

At the request of the beneficial owner, the competent
issue a

2.
authority of his Member State of
certificate indicating:

residence shall

(a) name, address and tax or other identification number or,
failing such, date and place of birth of the beneficial owner;

(b) name and address of the paying agent;

(c) account number of the beneficial owner or, where there is

none, identification of the security.

three years
Such certificate shall be valid for a period of
provided the information in respect of which it was issued
remains unchanged. It shall be issued to any beneficial owner
who has requested it, within two months following such
request.

Article 14

Elimination of double taxation

1.
During the transitional period referred to in Article 10,
the Member State of residence of the beneficial owner shall
ensure the elimination of any double taxation which might
result from the imposition of the withholding tax referred to
in Article 11, in accordance with the provisions of paragraphs
2 and 3.

2.
If interest received by a beneficial owner has been subject
to withholding tax in the Member State of the paying agent,
the Member State of residence of the beneficial owner shall
grant him a tax credit equal
the tax
withheld up to the amount of tax due on such interest in its
territory,
law. Where the
amount of tax withheld exceeds the amount of tax due, the
Member State of residence shall repay the excess amount of tax
withheld to the beneficial owner.

in accordance with its national

to the amount of

If, in addition to the withholding tax referred to in Article
3.
11, interest received by a beneficial owner has been subject to
any other type of withholding tax and the Member State of
for such withholding tax in
residence grants a tax credit
accordance with its national
taxation
conventions, such withholding tax shall be credited before
the procedure in paragraph 2 is applied.

law or

double

Article 15

Negotiable debt securities

1.
During the transitional period referred to in Article 10,
domestic and international bonds and other negotiable debt
securities which have been first issued before 1 March 2001
or for which the original
issuing prospectuses have been
approved before that date by the competent authorities
within the meaning of Council Directive 80/390/EEC (1), or
by the responsible authorities in third countries, shall not be
considered as debt-claims within the meaning of Article 6(1)(a),
provided that no further
such negotiable debt
securities are made on or after 1 March 2002.

issues of

(1) OJ L 100, 17.4.1980, p. 1.

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negotiable

If a further issue is made on or after 1 March 2002 of an
aforementioned
a
debt
the entire issue of such
Government or a related entity,
security, consisting of
issue and any further
the original
issue, shall be considered a debt-claim within the meaning of
Article 6(1)(a).

security

issued

by

Article 18

Transposition

1. Member States shall bring into force the laws, regulations
and administrative provisions necessary to comply with this
Directive by 1 January 2004 at the latest.

If a further issue is made on or after 1 March 2002 of an
aforementioned negotiable debt security issued by any other
issuer not covered by the previous sentence, such further
issue shall be considered a debt-claim within the meaning of
Article 6(1)(a).

When Member States adopt those provisions, they shall contain
a reference to this Directive or be accompanied by such a
their official publication.
reference on the occasion of
Member States shall determine how such reference is to be
made.

Nothing in this Article shall prevent Member States from
2.
taxing the income from the negotiable debt securities referred
to in the first paragraph in accordance with their national laws.

Article 16

International organisations

During the transitional period referred to in Article 10,
Member States levying the withholding tax referred to in
Article 11 shall be free to exempt paying agents acting on
behalf of international organisations issuing debt-claims from
the obligation to withhold tax on interest paid on such debt-
claims,
if this obligation would be contrary to international
agreements concluded by those Member States with respect
to such organisations.

CHAPTER IV

MISCELLANEOUS AND FINAL PROVISIONS

Article 17

Other withholding taxes

2. Member States shall forthwith inform the Commission
thereof and communicate to the Commission the main
provisions of national
in the field
covered by this Directive and a correlation table between this
Directive and the national provisions adopted.

law which they adopt

Article 19

Review

this Directive. On the basis of

The Commission shall report to the Council every three years
these
on the operation of
reports, the Commission shall, where appropriate, propose to
the Council any amendments to the Directive that prove
necessary in order better
to ensure effective taxation of
savings
income and to remove undesirable distortions of
competition.

Article 20

Entry into force

This Directive shall enter into force on the twentieth day
following that of its publication in the Official Journal of the
European Communities.

This Directive shall not preclude Member States from levying
other types of withholding tax than that referred to in Article
11 in accordance with their national laws or double taxation
conventions.

Article 21

Addressees

This Directive is addressed to the Member States.