2004/912/EC: Council Decision of 25 October 2004 on the conclusion of the Agreement in the form of an Exchange of Letters between the European Community and the Swiss Confederation on the date of application of the Agreement between the European Community and the Swiss Confederation 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: 2004-10-25
Institutions: Council of the European Union
Subjects: Switzerland, agreement (EU), interest, savings, tax on income, tax system

L 385/50

EN

Official Journal of the European Union

29.12.2004

COUNCIL DECISION

of 25 October 2004

on the conclusion of the Agreement in the form of an Exchange of Letters between the European
Community and the Swiss Confederation on the date of application of the Agreement between the
European Community and the Swiss Confederation 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

(2004/912/EC)

THE COUNCIL OF THE EUROPEAN UNION,

establishing the European
Having regard to the Treaty
Community, and in particular Article 94 in conjunction with
Article 300(2) thereof,

Having regard to the proposal from the Commission,

Whereas:

(1)

(2)

(3)

Article 17(2) of the Agreement between the European
Community and the Swiss Confederation providing for
measures equivalent
to those laid down in Council
Directive 2003/48/EC on taxation of savings income in
the form of interest payments provides that, subject to
the conditions set out therein, Switzerland and where
applicable the Community shall effectively implement
and apply this Agreement from 1 January 2005.

the

application of

to Article 18(1),

Pursuant
the
Agreement is conditional on the adoption and imple-
mentation by certain dependent or associated territories
of
the Member States and by the United States of
America, Andorra, Liechtenstein, Monaco and San
Marino respectively of measures which conform with
or are equivalent to those contained in the Directive or
the Agreement. Under Article 18(2),
if the Contracting
Parties do not, at least six months prior to the date
referred to in Article 17(2)
(1 January 2005), decide
that the condition will be met, they shall, by common
accord, adopt a new date for the purposes of Article
17(2). No such decision was taken.

Not all
the third countries in question will be in a
referred to in
position to implement
the measures
Article 18(1) by 1 January 2005. Moreover, it will only
be possible for Switzerland to implement and apply this
Agreement from 1 July 2005 and this on the condition
that Swiss constitutional requirements will be met by that
date.
the third countries and
dependent or associated territories referred to in Article

It appears that each of

18(1) of the Agreement will also be able to meet the
conditions set out in that paragraph by 1 July 2005.

(4)

(5)

The date of 1 July 2005 should therefore be adopted as
the new date for the purposes of Article 17(2) of the
Agreement,
the
Agreement.

in accordance with Article 18(2) of

The Agreement in the form of an Exchange of Letters
providing for a new date of application of the Agreement
on taxation of savings income in the form of interest
payments should be approved,

HAS DECIDED AS FOLLOWS:

Article 1

The Agreement in the form of an Exchange of Letters between
the European Community and the Swiss Confederation on the
date of application of the Agreement between the European
Community
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 Community.

and the Swiss Confederation providing

The text of the Agreement in the form of an Exchange of
Letters is attached to this Decision.

Article 2

The President of the Council is hereby authorised to designate
the person(s) empowered to sign the Agreement in order to
bind the Community.

Done at Luxembourg, 25 October 2004.

For the Council
The President

R. VERDONK