Proposal for a Council Decision on the conclusion of the Agreement between the European Community and the Principality of Liechtenstein 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
Date: 2004-08-23
Institutions: European Commission
Subjects: Liechtenstein, agreement (EU), interest, savings, tax on income, tax system

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 23.08.2004 
COM(2004) 569 final 

2004/0191 (CNS) 

Proposal for a 

COUNCIL DECISION 

on the signature of the Agreement between the European Community and the 
Principality of Liechtenstein 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 and the approval and signature of the accompanying 
Memorandum of Understanding 

Proposal for a 

COUNCIL DECISION 

on the conclusion of the Agreement between the European Community and the 
Principality of Liechtenstein 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  

(presented by the Commission) 

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EXPLANATORY MEMORANDUM 

By  its  decision  of  16  October  2001,  the  Council  authorised  the  Commission  to  negotiate 
appropriate  agreements  with  Switzerland, 
the  United  States  of  America,  Andorra, 
Liechtenstein,  Monaco  and  San  Marino  to  ensure  that  these  countries  adopt  measures 
equivalent to those to be applied within the Community to ensure effective taxation of savings 
income  in  the  form  of  interest  payments.  The  Commission  was  instructed  to  conduct  these 
negotiations in close conjunction with the Presidency of the Council, and in close and regular 
consultation with the High-Level Working Party set up by Coreper Decision of 13 June 20011 
and appointed by the Council as a special committee to assist the Commission in that task. 

Following  the  decision  of  16 October 2001,  the  Commission  wrote  to  the  above  non-EU 
countries  to  request  the  opening  of  negotiations  even  though  it  was  only  after  the  ECOFIN 
Council’s approval of a text of the draft directive, on 13 December 2001, that the negotiations 
could really begin. A large number of meetings at both political and technical level have since 
been  held.  In  accordance  with  the  Council  decision  of  16 October 2001,  the  Commission 
conducted the negotiations in close conjunction with successive Presidencies of the Council. 
It  made  regular  oral  progress  reports  to  the  Council  and  Parliament,  and  presented  a 
communication on the negotiations with third countries on taxation of savings income to the 
ECOFIN Council on 3 December 2002.2 

On 3 June 2003 the Council stated that the draft agreement with Switzerland submitted by the 
Commission on 28 May 2003 constituted the final offer for an agreement between the EU and 
Switzerland. The Council minutes also state: 

“The four elements of this agreement relating to savings taxation also constitute the basis for 
agreements  between  the  European  Union  and  Liechtenstein,  Andorra,  Monaco  and  San 
Marino…”. 

On 21 January 2003 the Council identified these four elements as: 

Retention  and  withholding:  Switzerland  will  apply  the  same  rates  of  retention  and 

“- 
withholding as Belgium, Luxembourg and Austria … 

Revenue  sharing:  Switzerland  will  share  the  revenue  of  the  retention  tax  and  will 

- 
accept the 75/25 division applied within the Community … 

- 

Voluntary disclosure of information 

Review  clause  stating  that  “The  Contracting  Parties  shall  consult  with  each  other  at  least 
every three years or at the request of either Contracting Party with a view to examining and – 
if deemed necessary by the Contracting Parties – improving the technical functioning of the 
Agreement.  In  any  event  when  Belgium,  Luxembourg  and  Austria  change  from  withholding 
tax to automatic exchange of information in accordance with the Directive, the Contracting 
Parties shall consult each other in order to examine whether the changes to the Agreement 
are necessary taking into account international developments. 

1 
2 

OJ C 183, 29.6.2001, p. 1. 
SEC (2002) 1287 final, 27.11.2002. 

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Switzerland grants exchange of information on request for criminal or civil cases of fraud or 
similar misbehaviour on the part of taxpayers…”. 

The  Agreement  with  Liechtenstein,  which  includes  these  four  elements,  is  now  being 
presented to the Council for signature and conclusion. It is accompanied by a Memorandum 
of Understanding between the European Community and its Member States, of the one part, 
and the Principality of Liechtenstein of the other part. In accordance with the conclusions of 
the ECOFIN Council of 21 January 2003, the Memorandum of Understanding confirms that 
within  the  transition  period  provided  for  by  Council  Directive  2003/48/EC  of  3 June 2003,3 
the  European  Community  will  enter  into  discussions  with  other  important  financial  centres 
with  a  view  to  promoting  adoption  by  those  jurisdictions  of  measures  equivalent  to  those 
applied by the Community. The Memorandum of Understanding also provides that the agreed 
measures  will  be  implemented  in  good  faith  and  that  the  Parties  will  not  act  unilaterally  to 
undermine this arrangement without due cause. Should any significant difference between the 
scope of Council Directive 2003/48/EC and that of the Agreement, in particular with regard to 
Article 6 of the Agreement, be discovered, the Contracting Parties will immediately enter into 
discussions with a view to ensuring that the equivalent nature of the measures provided for by 
the Agreement is  maintained. As  regards the exchange of  information, the Memorandum of 
Understanding  provides  that  the  Principality  of  Liechtenstein  undertakes  to  make  its  best 
endeavour  to  determine  without  delay  the  acceptability  of  a  duly  justified  request  in 
accordance with its procedural laws. The Memorandum of Understanding  further  states that 
European  Union  and  its  Member  States  will  take  into  account  Liechtenstein's  decision  to 
provide  for  measures  equivalent  to  the  Directive  in  their  co-operation  with  Liechtenstein 
including  co-operation  on  fiscal  matters.  The  signatories  agree  that  in  the  context  of  the 
negotiations  foreseen  on  the  exchange  of  information  as  set  out  in  Article  10(4)  of  the 
Agreement, either party may raise in parallel other taxation issues, including issues related to 
the elimination of double taxation of income. 

The  Commission  considers  that  the  text  of  the  Agreement  is  in  accordance  with  the 
negotiating  directives  adopted  by  the  Council  on  16 October 2001.  The  Council  gave  its 
political agreement to the text on 2 June this year and the Council High-Level Working Party 
mentioned  above  confirmed  its  consensus  on  the  details  of  the  Agreement  and  of  the 
accompanying Memorandum of Understanding on 9 June. 

The Commission proposes that the Council approve the attached proposals: 

– 

– 

for a decision on the signature of the 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, and on the approval and signature 
of the accompanying Memorandum of Understanding, and  

for a decision on the conclusion of the above Agreement under the procedures set by 
Article 300 of the Treaty establishing the European Community. 

Article 300(2) of the Treaty establishing the European Community stipulates that the Council 
shall act unanimously when the Agreement covers a field for which unanimity is required for 
the  adoption  of  internal  rules.  As  the  internal  rules  in  the  field  covered  by  this  Agreement 
have been adopted on the basis of Article 94 of the Treaty, the Commission considers that the 

3 

OJ L 157, 26.6.2003, p. 38. 

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Council  should  act  unanimously  to  approve  the  proposal  for  a  decision.  According  to  the 
ECOFIN  Council  conclusions  of  21  January  2003,  the  Council  agrees  that  the  Agreement 
with the Principality of Liechtenstein should also be adopted on the basis of unanimity. 

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Proposal for a 

COUNCIL DECISION 

on the signature of the Agreement between the European Community and the 
Principality of Liechtenstein 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 and the approval and signature of the accompanying 
Memorandum of Understanding 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  establishing  the  European  Community,  and  in  particular 
Article 94 in conjunction with the first subparagraph of paragraph 2 of Article 300 thereof, 

Having regard to the proposal of the Commission,4 

Whereas: 

(1) 

(2) 

(3) 

On  16  October  2001  the  Council  authorised  the  Commission  to  negotiate  with  the 
Principality of Liechtenstein an appropriate agreement for securing the adoption by the 
Principality  of  measures  equivalent  to  those  to  be  applied  within  the  Community  to 
ensure effective taxation of savings income in the form of interest payments. 

The  text  of  the  Agreement  which  is  the  result  of  the  negotiations  reflects  duly  the 
negotiating directives issued by the Council. It is accompanied by a Memorandum of 
Understanding  between  the  European  Community  and  its  Member  States,  of  the  one 
part, and the Principality of Liechtenstein of the other part. 

Subject  to  the  adoption  at  a  later  date  of  a  Decision  on  the  conclusion  of  the 
Agreement  it  is  desirable  to  sign  the  two  documents  that  were  initialled  on  30  July 
2004  and  have  confirmation  of  the  Council  approval  of  the  Memorandum  of 
Understanding, 

HAS DECIDED AS FOLLOWS:  

Sole Article 

Subject to the adoption at a later date of a Decision on the conclusion of the Agreement the 
President of the Council is hereby authorised to designate the persons empowered to sign the 
Agreement, the accompanying Memorandum of Understanding and the Letters referred to in 
Article 21  paragraph  2  of  the  Agreement  and  in  the  last  paragraph  of  the  Memorandum  of 
Understanding on behalf of the European Community. 

4 

OJ C […] […], p. […] 

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The text of the abovementioned Memorandum of Understanding, attached to this Decision, is 
approved by the Council. 

Done at Brussels, […] 

For the Council 
The President 

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Annex 

Memorandum of Understanding  

between 

the European Community,  
the Kingdom of Belgium, 
the Czech Republic, 
the Kingdom of Denmark, 
the Federal Republic of Germany, 
the Republic of Estonia, 
the Hellenic Republic, 
the Kingdom of Spain, 
the French Republic, 
Ireland, 
the Italian Republic, 
the Republic of Cyprus, 
the Republic of Latvia, 
the Republic of Lithuania, 
the Grand Duchy of Luxembourg, 
the Republic of Hungary, 
the Republic of Malta, 
the Kingdom of the Netherlands, 
the Republic of Austria, 
the Republic of Poland, 
the Portuguese Republic, 
the Republic of Slovenia, 
the Slovak Republic, 
the Republic of Finland, 
the Kingdom of Sweden, 
the United Kingdom of Great Britain and Northern Ireland 

and 

the Principality of Liechtenstein 

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The European Community, the Kingdom of Belgium, the Czech Republic, the Kingdom 
of Denmark, the Federal Republic of Germany, the Republic of Estonia, the Hellenic 
Republic, the Kingdom of Spain, the French Republic, Ireland, the Italian Republic, the 
Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy 
of Luxembourg, the Republic of Hungary, the Republic of Malta, the Kingdom of the 
Netherlands, the Republic of Austria, Poland, the Portuguese Republic, the Republic of 
Slovenia, the Slovak Republic, the Republic of Finland, the Kingdom of Sweden, the 
United Kingdom of Great Britain and Northern Ireland 

and 

the Principality of Liechtenstein, hereinafter referred to as “Liechtenstein” 

have agreed as follows: 

1. 

INTRODUCTION  

Liechtenstein and the European Community are entering into 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 the Directive). 
This Memorandum of Understanding complements that Agreement. 

2. 

DISCUSSIONS  FOR  SECURING  EQUIVALENT  MEASURES  WITH  OTHER  THIRD 
COUNTRIES. 

During  the  transitional  period  provided  for  in  the  Directive,  the  European  Community 
will  enter  into  discussions  with  other  important  financial  centres  with  a  view  to 
promoting  the  adoption  by  those  jurisdictions  of  measures  equivalent  to  those  to  be 
applied by the Community. 

3. 

DECLARATION OF INTENT 

The  signatories  of  this  Memorandum  of  Understanding  declare  that  they  consider  the 
Agreement  referred  to  in  point  1  and  this  Memorandum  to  provide  an  acceptable  and 
balanced arrangement that can be considered as safeguarding the interests of the parties. 
They  will  therefore  implement  the  agreed  measures  in  good  faith  and  will  not  act 
unilaterally to undermine this arrangement without due cause.  

If any significant difference between the coverage of the Directive as adopted on 3 June 
2003 and that of the Agreement should be discovered, in particular with regard to Article 
6 of the Agreement, the Contracting Parties will immediately enter into consultations in 
accordance  with  Article  13  (1)  of  the  Agreement  with  a  view  to  ensuring  that  the 
equivalent nature of the measures provided for in the Agreement is maintained. 

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Liechtenstein  undertakes  to  make  its  best  endeavour  to  determine  without  delay  the 
acceptability of a duly justified request for exchange of information according to Article 
10, in accordance with its procedural laws. 

The  European  Union  and  its  Member  States  will  take  into  account  Liechtenstein's 
decision to provide for measures equivalent to those laid down in the Directive in their 
cooperation  with  Liechtenstein,  including  the  cooperation  in  fiscal  matters.  The 
Signatories  agree  in  this  context  that  either  party  to  negotiations  foreseen  in  article  10 
paragraph 4 of the Agreement may raise in parallel with such negotiations other taxation 
issues,  including  issues  related  to  the  elimination  or  reduction  of  double  taxation  of 
income. 

Signed  at  ........................  on  ........................  in  duplicate  in  Danish,  Dutch,  English, 
Finnish, French, German, Greek, Italian, Portuguese, Spanish and Swedish languages, the 
texts in each of these languages being equally authentic. 

The  Czech,  Estonian,  Hungarian,  Latvian,  Lithuanian,  Maltese,  Polish,  Slovak  and 
Slovenian language versions shall be authenticated by the Contracting Parties on the basis 
of  an  exchange  of  letters.  They  shall  also  be  authentic,  in  the  same  way  as  for  the 
languages referred to in the preceding paragraph. 

Signatures 

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2004/0191(CNS) 

Proposal for a 

COUNCIL DECISION 

on the conclusion of the Agreement between the European Community and the 
Principality of Liechtenstein 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  

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  establishing  the  European  Community,  and  in  particular 
Article 94  in  conjunction  with  the  first  subparagraph  of  paragraph 2,  the  first 
subparagraph of paragraph 3 and paragraph 4 of Article 300 thereof, 

Having regard to the proposal of the Commission,5 

Having regard to the opinion of the European Parliament,6 

Whereas: 

(1) 

(2) 

(3) 

On 16 October 2001 the Council authorised the Commission to negotiate with the 
Principality  of  Liechtenstein  an  appropriate  agreement  for  securing  the  adoption 
by  the  Principality  of  measures  equivalent  to  those  to  be  applied  within  the 
Community to ensure effective taxation of savings income in the form of interest 
payments. 

The text of the Agreement which is the result of the negotiations duly reflects the 
negotiating directives issued by the Council. It is accompanied by a Memorandum 
of  Understanding  between  the  European  Community  and  its  Member  States,  of 
the  one  part,  and  the  Principality  of  Liechtenstein  of  the  other  part,  the  text  of 
which is attached to the Council Decision …./…/EC of………2004. 

The application of the provisions of Council Directive 2003/48/EC of 3 June 2003 
on  taxation  of  savings  income  in  the  form  of  interest  payments  depends  on  the 
application  by  the  Principality  of  Liechtenstein  of  measures  equivalent  to  those 
contained  in  this  Directive,  in  accordance  with  an  agreement  concluded  by  the 
Principality of Liechtenstein with the European Community. 

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6 

OJ C […] […], p. […] 
OJ C […] […], p. […] 

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(4) 

According  to  Council  Decision  …./…./EC  of  ……2004,  and  subject  to  the 
adoption  at  a  later  date  of  a  Decision  on  the  conclusion  of  the  Agreement,  the 
Agreement was signed on behalf of the European Community on ….2004. 

(5) 

This Agreement should be approved on behalf of the Community. 

(6) 

It is necessary to provide for a simple and rapid procedure for possible adaptations 
of Annexes I and II to the Agreement, 

HAS DECIDED AS FOLLOWS:  

Article 1 

The Agreement between the European Community and the Principality of Liechtenstein 
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  is  hereby 
approved on behalf of the European Community. 

The text of the Agreement is attached to this Decision. 

Article 2 

The  Commission  is  hereby  authorised  to  approve,  on  behalf  of  the  Community,  the 
amendments  to  the  Annexes  to  the  Agreement  which  are  required  to  ensure  that  they 
correspond  to  the  information  relating  to  the  competent  authorities  notified  under 
Article 5(a) of Directive 2003/48/EC and to the information in the Annex thereto. 

Article 3 

The President of the Council shall give the notification provided for in the first paragraph 
of Article 16 of the Agreement on behalf of the Community.7 

Article 4 

This Decision shall be published in the Official Journal of the European Union. 

Done at Brussels […], 

For the Council 
The President 

7 

The  date  of  entry  into  force  of  the  Agreement  will  be  published  in  the  Official  Journal  of  the 
European Union by the General Secretariat of the Council. 

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Annex 

Agreement 

between 

the European Community  

and 

the Principality of Liechtenstein 

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 8 

The European Community, hereinafter referred to as Community, and  

the Principality of Liechtenstein, hereinafter referred to as Liechtenstein,  

or as a “Contracting Party” or the “Contracting Parties” as the context may require, 

reaffirming the common interest in further developing the privileged relationship between 
the Community and Liechtenstein, have agreed to conclude the following Agreement:  

Article 1 

Retention by Liechtenstein Paying Agents 

(1) 

(2) 

Interest  payments  which  are  made  to  beneficial  owners  within  the  meaning  of 
Article  4  who  are  residents  of  a  Member  State  of  the  European  Union, 
hereinafter  referred  to  as  Member  State,  by  a  paying  agent  established  on  the 
territory  of  Liechtenstein,  shall,  subject  to  Article  2,  be  subject  to  a  retention 
from  the  amount  of  the  interest  payment.  The  rate  of  retention  shall  be  15% 
during the first three years from the date of application of this Agreement, 20% 
for the subsequent three years and 35% thereafter. 

Liechtenstein shall take the necessary measures to ensure that the tasks required 
for  the  implementation  of  this  Agreement  are  carried  out  by  paying  agents 
established  within  the  territory  of  Liechtenstein  and  specifically  provide  for 
provisions on procedures and penalties. 

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Hereafter referred to as the Directive 

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Article 2 

Voluntary disclosure 

(1) 

Liechtenstein shall provide for a procedure which allows the beneficial owner as 
defined  in  Article  4  to  avoid  the  retention  specified  in  Article  1  by  expressly 
authorising his paying agent in Liechtenstein to report the interest payments to 
the competent authority of that Member State. Such authorisation shall cover all 
interest payments made to the beneficial owner by that paying agent.  

(2) 

The minimum amount of information to be reported by the paying agent in case 
of express authorisation by the beneficial owner shall consist of: 

a) 

the  identity  and  residence  of  the  beneficial  owner  established  in 
accordance with Article 5; 

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) 

the amount of the interest payment calculated in accordance with Article 3. 

(3) 

(4) 

The  competent  authority  of  Liechtenstein  shall  communicate  the  information 
referred  to  in  paragraph  2  to  the  competent  authority  of  the  Member  State  of 
residence of the beneficial owner. Such communications shall be automatic and 
shall take place at least once a year, within 6 months following the end of the tax 
year in Liechtenstein, for all interest payments made during that year.  

Where  the  beneficial  owner  opts  for  this  voluntary  disclosure  procedure  or 
otherwise  declares  his  interest  income  obtained  from  a  Liechtenstein  paying 
agent to the tax authorities in his Member State of residence, the interest income 
concerned shall be subject to taxation in that Member State at the same rates as 
those applied to similar income arising in that State. 

Article 3 

Basis of assessment for retention 

(1) 

The paying agent shall withhold the retention in accordance with Article 1 (1) as 
follows: 

a) 

in the case of an interest payment within the meaning of Article 7 (1) (a): 
on the gross amount of interest paid or credited; 

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b) 

c) 

in the case of an interest payment within the meaning of Article 7 (1) (b) 
or  (d):  on  the  amount  of  interest  or  revenue  referred  to  in  those 
subparagraphs; 

in the case of an interest payment within the meaning of Article 7 (1) (c): 
on the amount of interest referred to in that subparagraph. 

For  the  purposes  of  paragraph  1,  the  retention  shall  be  deducted  on  a  pro  rata 
basis for the period during which the beneficial owner holds a debt-claim. If the 
paying  agent  is  unable  to  determine  the  period  on  the  basis  of  the  information 
made  available  to  him,  the  paying  agent  shall  consider  the  beneficial  owner  to 
have been in possession of the debt-claim for the entire period of its existence, 
unless the latter provides evidence of the date of acquisition.  

Taxes and retentions other than the retention provided for in this Agreement on 
the same payment of interest shall be credited against the amount of the retention 
calculated  in  accordance  with  this  Article.  This  in  particular  includes  the 
Liechtenstein Couponsteuer at a rate of 4%. 

Article 4 

Definition of beneficial owner 

For  the  purposes  of  this  Agreement  “beneficial  owner“  shall  mean  any 
individual  who  receives  an  interest  payment  or  any  individual  for  whom  an 
interest payment is secured, unless such individual can provide evidence that the 
interest  payment  was  not  received  or  secured  for  his  or  her  own  benefit.  An 
individual is not deemed to be the beneficial owner when he or she: 

a) 

b) 

c) 

acts as a paying agent within the meaning of Article 6 or 

acts  on  behalf  of  a  legal  person,  an  investment  fund  or  a  comparable  or 
equivalent body for common investments in securities or 

acts on behalf of another individual who is the beneficial owner and who 
discloses to the paying agent his or her identity and state of residence. 

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,  that  agent  shall  take  reasonable  steps  to  establish  the 
identity  of  the  beneficial  owner.  If  the  paying  agent  is  unable  to  identify  the 
beneficial  owner,  that  paying  agent shall  treat  the  individual  in  question  as  the 
beneficial owner. 

(2) 

(3) 

(1) 

(2) 

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Article 5 

Identity and residence of beneficial owners 

In  order  to  establish  the  identity  and  residence  of  the  beneficial  owner  as  defined  in 
Article  4,  the  paying  agent  shall  keep  a  record  of  the  name,  first  name,  address  and 
residence  details  in  accordance  with  the  Liechtenstein  legal  provisions  against  money 
laundering.  For  contractual  relations  entered  into,  or  transactions  carried  out  in  the 
absence of contractual relations, on or after 1 January 2004, for individuals presenting a 
passport or official identity card issued by a Member State who declare themselves to be 
resident  in  a  State  other  than  a  Member  State  or  Liechtenstein,  residence  shall  be 
established by means of a tax residence certificate issued by the competent authority of 
the State in which the individual claims to be resident. Failing the presentation of such a 
certificate,  the  Member  State  which  issued  the  passport  or  other  official  identity 
document shall be considered the State of residence. 

Article 6 

Definition of paying agent  

For  the  purposes  of  this  Agreement,  “paying  agent”  in  Liechtenstein  shall  mean  banks 
under Liechtenstein banking law, securities dealers, natural and legal persons resident or 
established in Liechtenstein including economic operators regulated by the Liechtenstein 
Persons-and-Companies  Act  (PGR),  partnerships  and  permanent  establishments  of 
foreign  companies,  which  even  occasionally,  accept,  hold,  invest  or  transfer  assets  of 
third  parties  or  merely  pay  or  secure  the  payment  of  interest  in  the  course  of  their 
business. 

Article 7 

Definition of Interest Payment 

(1) 

For the purposes of this Agreement “interest payment” shall mean: 

a) 

interest  paid,  or  credited  to  an  account,  relating  to  debt-claims  of  every 
kind including interest paid on fiduciary deposits by Liechtenstein paying 
agents for the benefit of beneficial owners as defined in Article 4, 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, but 
excluding interest from loans between private individuals not acting in the 

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b) 

c) 

course  of  their  business.  Penalty  charges  for  late  payment  shall  not  be 
regarded as interest payments; 

interest accrued or capitalised at the sale, refund or redemption of the debt-
claims referred to in (a); 

income deriving from interest payments either directly or through an entity 
referred  to  in  Article  4  (2)  of  Council  Directive  2003/48/EC  of  3  June 
2003  on  taxation  of  savings  income  in  the  form  of  interest  payments, 
hereafter referred to as the "Directive", distributed by  

(i) 

undertakings for collective investment domiciled in a Member State 
or in Liechtenstein,  

(ii)  entities  domiciled  in  a  Member  State,  which  exercise  the  option 
under  Article  4  (3)  of  the  Directive  and  which  inform  the  paying 
agent of this fact, 

(iii)  undertakings  for  collective  investment  established  outside  the 

territory of the Contracting Parties, 

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  undertakings  for  collective  investment  or  entities  referred  to 
below more than 40% of their assets in debt-claims as referred to in (a): 

(i) 

undertakings for collective investment domiciled in a Member State 
or in Liechtenstein,  

(ii)  entities  domiciled  in  a  Member  State,  which  exercise  the  option 
under  Article  4  (3)  of  the  Directive  and  which  inform  the  paying 
agent of this fact, 

(iii)  undertakings  for  collective  investment  established  outside  the 

territory of the Contracting Parties.  

(2) 

(3) 

As  regards  subparagraph  1  (c),  when  a  paying  agent  has  no  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  subparagraph  1  (d),  when  a  paying  agent  has  no  information 
concerning  the  percentage  of  the  assets  invested  in  debt-claims  or  in  shares  or 
units as defined in that subparagraph, that percentage shall be considered to be 
above 40 %. Where that agent cannot determine the amount of income realised 
by  the  beneficial  owner,  the  income  shall  be  deemed  to  correspond  to  the 
proceeds of the sale, refund or redemption of the shares or units. 

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(4) 

(5) 

(6) 

(1) 

(2) 

(1) 

(2) 

Income  relating  to  undertakings  or  entities  which  have  invested  up  to  15%  of 
their assets in debt-claims within the meaning of subparagraph 1 (a) shall not be 
considered an interest payment in accordance with subparagraph 1(c) and (d). 

The percentage referred to in subparagraph 1 (d) and paragraph 3 shall, as from 
1 January 2011, be 25 %. 

The  percentages  referred  to  in  subparagraph  1  (d)  and  paragraph  4  shall  be 
determined by reference to the investment policy as laid down in the fund rules 
or  instruments  of  incorporation  of  the  undertakings  or  entities  concerned  and, 
failing  such  rules,  by  reference  to  the  actual  composition  of  the  assets  of  the 
undertakings or entities concerned. 

Article 8 

Revenue sharing 

Liechtenstein  shall  keep  25  %  of  the  revenue  generated  by  the  retention  under 
this  Agreement  and  transfer  75  %  of  the  revenue  to  the  Member  State  of 
residence of the beneficial owner. 

Such transfers shall take place for each year in one instalment per Member State 
at  the  latest  within  a  period  of  6  months  following  the  end  of  the  tax  year  in 
Liechtenstein. 

Article 9 

Elimination of double taxation 

If  interest  received  by  a  beneficial  owner  has  been  subject  to  retention  by  a 
paying agent in Liechtenstein, the Member State of residence for tax purposes of 
the  beneficial  owner  shall  grant  him  a  tax  credit  equal  to  the  amount  of  the 
retention. Where this amount exceeds the amount of tax due on the total amount 
of interest subject to retention in accordance with its national law, the Member 
State of residence for tax purposes shall repay the excess amount of tax withheld 
to the beneficial owner. 

If interest received by a beneficial owner has been subject to taxes and retentions 
other than as provided for in this Agreement and the Member State of residence 
for tax purposes grants a tax credit for such taxes and retentions in accordance 
with  its  national  law  or  double  taxation  conventions,  such  other  taxes  and 
retentions shall be credited before the procedure in paragraph 1 is applied. The 
Member  State  of  residence  for  tax  purposes  shall  accept  certificates  issued  by 
Liechtenstein  paying  agents  as  proper  evidence  of  the  tax  or  retention  on  the 

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understanding that the competent authority of the Member State of residence for 
tax  purposes  will  be  able  to  obtain  from  the  Liechtenstein  competent  authority 
verification  of 
issued  by 
Liechtenstein paying agents. 

information  contained 

the  certificates 

the 

in 

(3) 

The  Member  State  of  residence  for  tax  purposes  of  the  beneficial  owner  may 
replace the tax credit mechanism referred to in paragraphs 1 and 2 by a refund of 
the retention referred to in Article 1. 

Article 10 

Exchange of information 

(1) 

(2) 

(3) 

The  competent  authorities  of  Liechtenstein  and  any  Member  State  shall 
exchange  information  on  conduct  constituting  tax  fraud  under  the  laws  of  the 
requested  State,  or  the  like  for  income  covered  by  this  Agreement.  "The  like" 
includes only offences with the same level of wrongfulness as is the case for tax 
fraud  under  the  laws  of  the  requested  State.  In  response  to  a  duly  justified 
request, the requested State shall provide in accordance with its procedural laws 
information with respect to matters that the requesting State is investigating, or 
may  investigate,  on  a  civil  or  criminal  basis.  Any  information  received  by 
Liechtenstein or a Member State shall be treated as secret in the same manner as 
information obtained under the domestic laws of that State and shall be disclosed 
only  to  persons  or  authorities  (including  courts  and  administrative  bodies) 
concerned  with  assessment  or  collection  of,  the  enforcement  or  prosecution  in 
respect of, or the determination of appeals in relation to taxes on income covered 
by the Agreement. Such persons or authorities shall use the information only for 
such purposes. They may disclose the information in public court proceedings or 
in judicial decisions. 

In  determining  whether  information  may  be  provided  in  response  to  a  request, 
the  requested  State  shall  apply  the  statute  of  limitations  applicable  under  the 
laws of the requesting State instead of the statute of limitations of the requested 
State. 

The requested State shall provide information where the requesting State has a 
reasonable suspicion that the conduct would constitute tax fraud or the like. The 
requesting State’s suspicion of tax fraud or the like may be based on: 

a)  Documents, whether authenticated or not, and including but not limited to 

business records, books of account, or bank account information; 

b) 

Testimonial information from the taxpayer; 

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18 

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c) 

Information obtained from an informant or other third person that has been 
independently corroborated or otherwise is likely to be credible; or 

d)  Circumstantial evidence. 

(4) 

If requested by any of the Member States, Liechtenstein shall enter into bilateral 
negotiations  with  that  State  in  order  to  define  individual  categories  of  cases 
falling under "the like" in accordance with the procedure of taxation applied by 
that State. 

Article 11 

Competent Authorities 

For the purposes of this Agreement the competent authorities shall mean those authorities 
listed in Annex I. 

Article 12 

Consultation 

If any disagreement arises between the competent authority of Liechtenstein and one or 
more of the other competent authorities referred to in Article 11 as to the interpretation or 
application of this Agreement, they shall endeavour to resolve this by mutual agreement. 
They  shall  immediately  notify  the  Commission  of  the  European  Communities  and  the 
competent authorities of the other Member States of the results of their consultations. In 
relation to issues of interpretation the Commission may take part in consultations at the 
request of any of the competent authorities. 

Article 13 

Review 

(1) 

The Contracting Parties shall consult each other at least every three years or at 
the request of either Contracting Party with a view to examining and - if deemed 
necessary  by  the  Contracting  Parties  –  improving  the  technical  functioning  of 
this  Agreement  and  assessing  international  developments.  The  consultations 
shall  be  held  within  one  month  of  the  request  or  as  soon  as  possible  in  urgent 
cases. 

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(2) 

(3) 

(4) 

On  the  basis  of  such  an  assessment,  the  Contracting  Parties  may  consult  each 
other  in  order  to  examine  whether  changes  to  this  Agreement  are  necessary 
taking into account international developments. 

As  soon  as  sufficient  experience  of  the  full  implementation  of  Article  1  (1)  is 
available,  the  Contracting  Parties  shall  consult  each  other  in  order  to  examine 
whether  changes  to  this  Agreement  are  necessary  taking  into  account 
international developments. 

For the purposes of the consultations referred to in paragraphs 1, 2 and 3 each 
Contracting  Party  shall  inform  the  other  Contracting  Party  of  possible 
developments which could affect the proper functioning of this Agreement. This 
shall also include any relevant agreement between one of the Contracting Parties 
and a third State. 

Article 14 

Relationship to bilateral Double Taxation Conventions 

The  provisions  of  the  double  taxation  conventions  between  Liechtenstein  and  the 
Member  States  shall  not  prevent  the  levying  of  the  retention  for  which  this  Agreement 
provides. 

Article 15 

Transitional provisions for negotiable debt securities9 

(1) 

From  the  date  of  application  of  this  Agreement  for  as  long  as  at  least  one 
Member State also applies similar provisions, and until 31 December 2010 at the 
latest  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 of the issuing State shall not be considered as debt-claims within the 
meaning of Article 7 (1) (a) of this Agreement, provided that no further issues of 
such negotiable debt securities are made on or after 1 March 2002. 

However,  for  as  long  as  at  least  one  Member  State  also  applies  similar 
provisions,  the  provisions  of  this  Article  shall  continue  to  apply  beyond  31 
December 2010 in respect of such negotiable debt securities: 

9 

As  in  the  Directive,  these  transitional  provisions  also  apply  to  negotiable  debt  securities  held 
through investment funds 

EN 

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– 

– 

– 

which contain gross-up and early redemption clauses and 

where  the  paying  agent,  as  defined  in  Article  6,  is  established  in 
Liechtenstein and 

where that paying agent pays interest directly to, or secures the payment of 
interest  for  the  immediate  benefit  of,  a  beneficial  owner  resident  in  a 
Member State. 

If and when all Member States cease to apply similar provisions, the provisions 
of  this  Article  shall  continue  to  apply  only  in  respect  of  those  negotiable 
securities: 

– 

– 

– 

which contain gross-up and early redemption clauses and 

where the issuer's paying agent is established in Liechtenstein and  

where that paying agent pays interest directly to, or secures the payment of 
interest  for  the  immediate  benefit  of,  a  beneficial  owner  resident  in  a 
Member State. 

If  a  further  issue  is  made  on  or  after  1  March  2002  of  an  aforementioned 
negotiable debt security issued by a Government or a related entity acting as a 
public  authority  or  whose  role  is  recognised  by  an  international  Agreement 
(listed  in  Annex  II  to  this  Agreement),  the  entire  issue  of  such  a  security, 
consisting of the original issue and any further issue shall be considered a debt-
claim within the meaning of Article 7 (1) (a). 

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  fourth 
subparagraph,  such  further  issue  shall  be  considered  a  debt-claim  within  the 
meaning of Article 7 (1) (a). 

(2) 

This  Article  does  not  prevent  Liechtenstein  and  the  Member  States  from 
continuing  to  levy  a  tax  on  revenues  deriving  from  the  aforementioned 
negotiable  debt-claims  referred  to  in  paragraph  1  in  accordance  with  their 
national law. 

Article 16 

Signing, Entry into force and Duration of Validity 

(1) 

This  Agreement  requires  ratification  or  approval  by  the  Contracting  Parties  in 
accordance with their own procedures. The Contracting Parties shall notify each 
other  of  the  completion  of  these  procedures.  The  Agreement  shall  enter  into 
force on the first day of the second month following the last notification. 

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(2) 

(3) 

(4) 

(1) 

(2) 

(3) 

(4) 

Subject to the fulfilment of the constitutional requirements of Liechtenstein and 
the  requirements  of  Community  law  concerning  entering  into  international 
agreements  and  without  prejudice  to  Article  17,  Liechtenstein  and  where 
applicable the Community shall effectively implement and apply this Agreement 
by 1 July 2005 and notify each other thereof. 

This Agreement shall remain in force until terminated by a Contracting Party. 

Either Contracting Party may terminate this Agreement by giving notice to the 
other.  In  such  a  case,  the  Agreement  shall  cease  to  have  effect  twelve  months 
after the serving of notice. 

Article 17  

Application and Suspension of Application 

The  application  of  this  Agreement  shall  be  conditional  on  the  adoption  and 
implementation by the dependent or associated territories of the Member States 
mentioned  in  the  report  from  the  Council  (Economic  and  Financial  Affairs)  to 
the European Council of Santa Maria de Feira of June 19/20, 2000, as well as by 
the  United  States  of  America,  Switzerland,  Andorra,  Monaco  and  San  Marino, 
respectively,  of  measures  which  conform  with  or  are  equivalent  to  those 
contained in the Directive or in this Agreement and providing for the same dates 
of implementation. 

The  Contracting  Parties  shall  decide,  by  common  accord,  at  least  six  months 
before  the  date  referred  to  in  Article  16  (2),  whether  the  condition  set  out  in 
paragraph  1  will  be  met  having  regard  to  the  dates  of  entry  into  force  of  the 
relevant  measures  in  the  third  countries  and  dependent  or  associated  territories 
concerned.  If  the  Contracting  Parties  do  not  decide  that  the  condition  will  be 
met, they shall, by common accord, adopt a new date for the purposes of Article 
16(2). 

The application of this Agreement or parts thereof may be suspended by either 
Contracting Party with immediate effect through notification to the other should 
the Directive or part of the Directive cease to be applicable either temporarily or 
permanently in accordance with European Community law or in the event that a 
Member State should suspend the application of its implementing legislation. 

Either Contracting Party may suspend the application of this Agreement through 
notification  to  the  other  in  the  event  that  one  of  the  third  States  or  territories 
referred  to  in  paragraph  1  should  subsequently  cease  to  apply  the  measures 
referred  to  in  that  paragraph.  Suspension  of  application  shall  take  place  no 
earlier  than  two  months  after  notification.  Application  of  this  Agreement  shall 
resume as soon as the measures are reinstated. 

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Article 18 

Claims and Final Settlement 

(1) 

(2) 

Should  this  Agreement  be  terminated  or  its  application  be  suspended  either  in 
full or in part, the claims of individuals in accordance with Article 9 shall remain 
unaffected. 

Liechtenstein  shall,  in  such  case,  establish  a  final  account  by  the  end  of  the 
period  of  applicability  of  this  Agreement  and  make  a  final  payment  to  the 
Member States.  

Article 19  

Territorial Scope 

This  Agreement  shall  apply,  on  the  one  hand,  to  the  territories  in  which  the  Treaty 
establishing the European Communities is applied and under the conditions laid down in 
that Treaty and, on the other hand, to the territory of Liechtenstein. 

Article 20 

Annexes 

(1) 

(2) 

The Annexes form part of this Agreement.  

The  list  of  competent  authorities  contained  in  Annex  I  can  be  amended  by 
simple  notification  to  the  other  Contracting  Party  by  the  Principality  of 
Liechtenstein,  as  far  as  the  authority  mentioned  at  point  (a)  of  that  Annex  is 
concerned,  and  by  the  European  Community  as  far  as  the  other  authorities  are 
concerned. 

The list of related entities contained in Annex II can be amended by mutual agreement. 

Article 21 

Languages 

(1) 

This  Agreement  shall  be  drawn  up  in  duplicate  in  the  Danish,  Dutch,  English, 
Finnish,  French,  German,  Greek,  Italian,  Portuguese,  Spanish  and  Swedish 
languages, the texts in each of these languages being equally authentic. 

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(2) 

The  Czech,  Estonian,  Hungarian,  Latvian,  Lithuanian,  Maltese,  Polish,  Slovak 
and  Slovenian  language  versions  shall  be  authenticated  by  the  Contracting 
Parties on the basis of an exchange of letters. They shall also be authentic, in the 
same way as for the languages referred to in paragraph 1. 

IN  WITNESS  WHEREOF  the  undersigned  Plenipotentiaries  have  hereunder  set  their 
hands 

Done at ........................, this ........................ 

For 

For 

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ANNEX I 

List of competent authorities 

The following are "competent authorities" for the purposes of this Agreement: 

a) 

b) 

c) 

d) 

e) 

f) 

g) 

h) 

i) 

j) 

k) 

l) 

the  Principality  of  Liechtenstein:  Die  Regierung  des  Fürstentums 

in 
Liechtenstein or an authorised representative, 

in  the  Kingdom  of  Belgium:  De  Minister  van  Financiën/Le  Ministre  des 
Finances or an authorised representative, 

in the Czech Republic: Ministr financí or an authorised representative, 

in the Kingdom of Denmark: Skatteministeren or an authorised representative, 

in  the  Federal  Republic  of  Germany:  Der  Bundesminister  der  Finanzen  or  an 
authorised representative, 

in the Republic of Estonia: Rahandusminister or an authorised representative, 

in  the  Hellenic  Republic:  Ο  Υπουργός  Οικονοµίας  και  Οικονοµικών  or  an 
authorised representative, 

in the Kingdom of Spain: El Ministro de Economía y Hacienda or an authorised 
representative, 

in  the  French  Republic:  Le  Ministre  chargé  du  budget  or  an  authorised 
representative, 

in Ireland: The Revenue Commissioners or their authorised representative, 

in  the  Italian  Republic:  Il  Capo  del  Dipartimento  per  le  Politiche  Fiscali  or  an 
authorised representative, 

the  Republic  of  Cyprus:  Υπουργός  Οικονοµικών  or  an  authorised 

in 
representative, 

m) 

in the Republic of Latvia: Finanšu ministrs or an authorised representative, 

n) 

o) 

in the Republic of Lithuania: Finansų ministras or an authorised representative, 

in the Grand Duchy of Luxembourg: Le Ministre des Finances or an authorised 
representative;  however  for  the  purposes  of  article  10  the  competent  authority 
shall be "le Procureur Général d'Etat luxemburgeois", 

p) 

in the Republic of Hungary: A pénzügyminiszter or an authorised representative, 

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q) 

r) 

s) 

t) 

u) 

v) 

w) 

x) 

y) 

z) 

in the Republic of Malta: Il-Ministru responsabbli għall-Finanzi or an authorised 
representative, 

in the Kingdom of the Netherlands: De Minister van Financiën or an authorised 
representative, 

in  the  Republic  of  Austria:  Der  Bundesminister  für  Finanzen  or  an  authorised 
representative, 

in the Republic of Poland: Minister Finansów or an authorised representative, 

in  the  Portuguese  Republic:  O  Ministro  das  Finanças  or  an  authorised 
representative, 

in the Republic of Slovenia: Minister za finance or an authorised representative, 

in the Slovak Republic: Minister financií or an authorised representative, 

in  the  Republic  of  Finland:  Valtiovarainministeriö/Finansministeriet  or  an 
authorised representative, 

in the Kingdom of Sweden: Finansdepartementet or an authorised representative,  

the  Commissioners  of  Inland  Revenue  or 

in  the  United  Kingdom  of  Great  Britain  and  Northern  Ireland  and  in  the 
European  territories  for  whose  external  relations  the  United  Kingdom  is 
their  authorised 
responsible: 
representative  and  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 EU and EC instruments and related treaties 
notified to the Member States and institutions of the European Union of 19 April 
2000, a copy of which shall be notified to Liechtenstein by the Secretary General 
of the Council of the European Union, and which shall apply to this Agreement. 

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ANNEX II 

List of related entities 

For the purposes of Article 15 of this Agreement, the following entities will 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 

– 

– 

– 

– 

– 

– 

Spain 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

Vlaams Gewest (Flemish Region) 

Région wallonne (Walloon Region) 

Région bruxelloise/Brussels Gewest (Brussels Region) 

Communauté française (French Community) 

Vlaamse Gemeenschap (Flemish Community) 

Deutschsprachige Gemeinschaft (German-speaking Community) 

Xunta de Galicia (Regional Executive of Galicia) 

Junta de Andalucía (Regional Executive of Andalusia) 

Junta de Extremadura (Regional Executive of Extremadura) 

Junta de Castilla- La Mancha (Regional Executive of Castilla- La Mancha) 

Junta de Castilla- León (Regional Executive of Castilla- León) 

Gobierno Foral de Navarra (Regional Government of Navarre) 

Govern de les Illes Balears (Government of the Balearic Islands) 

Generalitat de Catalunya (Autonomous Government of Catalonia) 

Generalitat de Valencia (Autonomous Government of Valencia) 

Diputación General de Aragón (Regional Council of Aragon) 

Gobierno de las Islas Canarias (Government of the Canary Islands) 

Gobierno de Murcia (Government of Murcia) 

Gobierno de Madrid (Government of Madrid) 

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– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

Gobierno  de  la  Comunidad  Autónoma  del  País  Vasco/Euzkadi  (Government  of  the 
Autonomous Community of the Basque Country) 

Diputación Foral de Guipúzcoa (Regional Council of Guipúzcoa) 

Diputación Foral de Vizcaya/Bizkaia (Regional Council of Vizcaya) 

Diputación Foral de Alava (Regional Council of Alava) 

Ayuntamiento de Madrid (City Council of Madrid) 

Ayuntamiento de Barcelona (City Council of Barcelona) 

Cabildo Insular de Gran Canaria (Island Council of Gran Canaria) 

Cabildo Insular de Tenerife (Island Council of Tenerife) 

Instituto de Crédito Oficial (Public Credit Institution) 

Instituto Catalán de Finanzas (Finance Institution of Catalonia) 

Instituto Valenciano de Finanzas (Finance Institution of Valencia) 

Greece   

– 

– 

– 

Оργανισµός 
Organisation) 

Тηλεπικοινωνιών 

Ελλάδος 

(National 

Telecommunications 

Оργανισµός Σιδηροδρόµων Ελλάδος (National Railways Organisation) 

∆ηµόσια Επιχείρηση Ηλεκτρισµού (Public Electricity Company) 

France   

– 

– 

– 

– 

– 

– 

– 

La  Caisse  d'amortissement  de  la  dette  sociale  (CADES)  (Social  Debt  Redemption 
Fund) 

L'Agence française de développement (AFD) (French Development Agency) 

Réseau Ferré de France (RFF)(French Rail Network) 

Caisse Nationale des Autoroutes (CNA) (National Motorways Fund) 

Assistance publique Hôpitaux de Paris (APHP) (Paris Hospitals Public Assistance) 

Charbonnages de France (CDF) (French Coal Board) 

Entreprise minière et chimique (EMC)(Mining and Chemicals Company) 

Italy 

– 

Regions 

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Provinces 

Municipalities 

Cassa Depositi e Prestiti (Deposits and Loans Fund) 

– 

– 

– 

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 stołeczne Warszawa (capital city of Warsaw) 

Agencja  Restrukturyzacji  i  Modernizacji  Rolnictwa  (Agency  for  Restructuring  and 
Modernisation of Agriculture) 

Agencja Nieruchomości Rolnych (Agricultural Property Agency) 

Portugal 

– 

– 

– 

Região Autónoma da Madeira (Autonomous Region of Madeira) 

Região Autónoma dos Açores (Autonomous Region of Azores) 

Municipalities 

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) 

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INTERNATIONAL ENTITIES: 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

European Bank for Reconstruction and Development 

European Investment Bank 

Asian Development Bank 

African Development Bank 

World Bank / IBRD / IMF 

International Finance Corporation 

Inter-American Development Bank 

Council of Europe Social Development Fund 

EURATOM 

European Community 

Corporación Andina de Fomento (CAF) (Andean Development Corporation) 

Eurofima 

European Coal & Steel Community 

Nordic Investment Bank 

Caribbean Development Bank 

The  provisions  of  Article  15  are  without  prejudice  to  any  international  obligations  that  the 
Contracting Parties may have entered into with respect to the above mentioned international 
entities. 

ENTITIES IN THIRD COUNTRIES : 

The entities that meet the following criteria : 

1) 

2) 

3) 

4) 

The entity is clearly considered to be a public entity according to the national criteria. 

Such public entity is a non-market producer which administers and finances a group 
of  activities,  principally  providing  non-market  goods  and  services,  intended  for  the 
benefit  of  the  community  and  which  are  effectively  controlled  by  general 
government.  

Such public entity is a large and regular issuer of debt.  

The  State  concerned  is  able  to  guarantee  that  such  public  entity  will  not  exercise 
early redemption in the event of gross-up clauses. 

EN 

30 

   EN