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 - Memorandum of Understanding
Date: 2004-10-26
Institutions: European Community, Switzerland
Subjects: Switzerland, agreement (EU), interest, savings, tax on income, tax system

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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

AGREEMENT

THE EUROPEAN COMMUNITY, hereinafter referred to as ‘Community’,

and

THE SWISS CONFEDERATION, hereinafter referred to as ‘Switzerland’,

or as the ‘Contracting Parties’,

HAVE AGREED TO CONCLUDE THE FOLLOWING AGREEMENT:

Article 1

Retention by Swiss paying agents

anticipatory tax shall become subject to retention at the rates
provided for in paragraph 1.

1.
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
to paragraph 2 and Article 2
of Switzerland, shall, subject
below, be subject
the
interest payment. The rate of retention shall be 15 % during
the first
this
Agreement, 20 % for the subsequent three years and 35 %
thereafter.

three years from the date of application of

to a retention from the amount of

retention.

2.
Interest payments made on debt-claims issued by debtors
who are residents of Switzerland or pertaining to permanent
establishments of non-residents located in Switzerland shall be
this
excluded from the
Agreement, the term ‘permanent establishment’ shall have the
meaning that
the relevant double taxation
convention between Switzerland and the State of residence of
the term
In the absence of such a convention,
the debtor.
‘permanent establishment’ means a fixed place of business
through which the business of a debtor is wholly or partly
carried on.

the purposes of

it has under

For

in Member States below 35 %,

3.
However, in case Switzerland reduces the rate of its antici-
patory tax on Swiss source interest payments to individuals
levy a
resident
it
such
retention on such interest payments. The
retention shall be the difference between the rate of retention
provided for in paragraph 1 and the new rate of anticipatory
tax. However,
it shall not exceed the rate provided for in
paragraph 1.

shall
rate of

4.
Paragraph 2 shall not apply to interest paid by Swiss
investment funds which at the time of the entry into force of
this Agreement or at a later date are exempted from Swiss
anticipatory tax on their payments to individuals who are
residents of a Member State.

tasks

Switzerland shall take the necessary measures to ensure
5.
that
this
the
the
Agreement are carried out by paying agents established within
the
for
territory of Switzerland and specifically provide
provisions on procedures and penalties.

implementation of

required for

Article 2

Voluntary disclosure

1.
Switzerland 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 or her paying
agent in Switzerland to report the interest payments to the
competent authority of
that State. Such authorisation shall
cover all
interest payments made to the beneficial owner by
that paying agent.

The minimum amount of information to be reported by
in case of express authorisation by the

2.
the paying agent
beneficial owner shall consist of:

(a)

identity

the
established in accordance with Article 5;

and residence of

the beneficial owner

If Switzerland reduces the scope of application of its antici-
patory tax law on interest payments to individuals resident in
Member States, any interest payments thus excluded from

(c)

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

(b) the name and address of the paying agent;

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Official Journal of the European Union

L 385/31

(d) the amount of the interest payment calculated in accordance

with Article 3.

4.
1(2).

Paragraphs 1, 2 and 3 are without prejudice to Article

3.
The Swiss competent authority 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 six months following
the end of
interest
payments made during that year.

in Switzerland,

the tax year

for all

for

4. Where the beneficial owner opts
this voluntary
disclosure procedure or otherwise declares his or her interest
income obtained from a Swiss paying agent to the tax autho-
rities in his or her 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 4

Definition of beneficial owner

For the purposes of this Agreement ‘beneficial owner’ shall
1.
mean any individual who receives an interest payment or any
individual for whom an interest payment is secured, unless such
individual provides 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) acts as a paying agent within the meaning of Article 6; or

Article 3

Basis of assessment for retention

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

The paying agent

1.
accordance with Article 1(1) as follows:

shall withhold the

retention in

(c) 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.

(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;

(b) 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;

(c)

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
2.
deducted on a pro rata basis for the period during which the
beneficial owner holds a debt-claim.
is
unable to determine the period on the basis of the information
made available to him or her, 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.

the paying agent

If

3.
Taxes and retentions other than the retention provided for
in this Agreement on the same payment of interest shall be
credited against
the retention calculated in
accordance with this Article.

the amount of

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

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 Swiss legal provisions against money laun-
dering. 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 Swit-
residence shall be established by means of a tax
zerland,
residence certificate issued by the competent authority of the
State in which the individual claims to be resident. Failing the
the Member State which
presentation of such a certificate,
issued the passport or other official
identity document shall
be considered the State of residence.

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Article 6

Definition of paying agent

payments
Member State.

to individuals who are

residents of

a

‘paying agent’

For the purposes of this Agreement,
in Swit-
zerland shall mean banks under Swiss banking law, securities
dealers under the Federal Law on Stock Exchanges and Security
Trading, natural and legal persons resident or established in
Switzerland, partnerships and permanent establishments of
foreign companies, which even occasionally, accept, hold,
invest or transfer assets of third parties or merely pay interest
or secure the payment of interest in the course of their business.

Article 7

Definition of interest payment

For the purposes of

1.
shall mean:

this Agreement

‘interest payment’

(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,

(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,

(a)

interest paid, or credited to an account, relating to debt-
claims of every kind including interest paid on fiduciary
deposits by Swiss 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
income from
in the debtor's profits, and in particular,
or
income
government
debentures,
including premiums and prizes attaching to
such securities, bonds or debentures, but excluding interest
from loans between private individuals not acting in the
course of their business. Penalty charges for late payment
shall not be regarded as interest payments;

from bonds

securities

and

(b) interest accrued or capitalised at

the sale,

refund or

redemption of the debt-claims referred to in (a);

(c)

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

(i) undertakings for collective investment domiciled in a

Member State,

(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

collective
outside the territory of the Contracting Parties,

investment

for

established

(iv) Swiss investment funds which at the time of the entry
into force of this Agreement or at a later date are
tax on their
exempted from Swiss

anticipatory

(iii) undertakings

collective
outside the territory of the Contracting Parties,

investment

for

established

(iv) Swiss investment funds which at the time of the entry
into force of this Agreement or at a later date are
tax on their
exempted from Swiss
payments
a
residents of
Member State.

anticipatory
to individuals who are

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

from interest payments,

the total amount of

3.
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 subpa-
ragraph,
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.

4.
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

5.
paragraph 3 shall, as from 1 January 2011, be 25 %.

The percentages referred to in subparagraph 1(d) and
6.
paragraph 4 shall be 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
such rules, by reference to the actual composition of the assets
of the undertakings or entities concerned.

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Article 8

Revenue sharing

1.
Switzerland 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.

is investigating, or may investigate, on an administrative, civil or
criminal basis. Without prejudice to the scope of the exchange
of information as defined in this paragraph, information shall
be exchanged in accordance with the procedures laid down in
the double taxation conventions between Switzerland and the
Member States and shall be treated as confidential
in the
manner provided therein.

Such transfers shall

2.
take place for each year in one
instalment per Member State at the latest within a period of
six months following the end of the tax year in Switzerland.

In determining whether information may be provided in
2.
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.

Article 9

Elimination of double taxation

3.
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:

1.
If interest received by a beneficial owner has been subject
to retention by a paying agent in Switzerland, the Member State
of residence for tax purposes of the beneficial owner shall grant
him or her 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.

its

for

national

law or

residence

and the Member State of

2.
If interest received by a beneficial owner has been subject
to taxes and retentions other than as provided for in this
Agreement
tax
purposes grants a tax credit for such taxes and retentions in
accordance with
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 Swiss paying agents as proper evidence of
the tax or
retention on the understanding that the competent authority
of the Member State of residence for tax purposes will be
able to obtain from the Swiss competent authority verification
of the information contained in the certificates issued by Swiss
paying agents.

double

(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;

(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.
Switzerland shall enter into bilateral negotiations with
each of the Member States in order to define individual cate-
gories of cases falling under ‘the like’ in accordance with the
procedure of taxation applied by those States.

Article 11

Competent authorities

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.

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

Article 10

Exchange of information

The

competent

1.
authorities of Switzerland and any
Member State shall exchange information on conduct consti-
tuting tax fraud under the laws of the requested State, or the
‘The like’ includes
like for income covered by this Agreement.
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
information with respect to matters that the requesting State

Article 12

Consultation

this Agreement,
agreement.

If any disagreement arises between the Swiss competent
authority and one or more of the other competent authorities
referred to in Article 11 as to the interpretation or application
they shall endeavour to resolve this by
of
the
immediately
mutual
the
Commission
competent authorities of
the
results of their consultations. In relation to issues of interpre-
tation the Commission may take part in consultations at the
request of any of the competent authorities.

notify
and
the other Member States of

European Communities

They

shall

the

of

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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.

On the basis of such an assessment,

2.
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

implemen-
3.
tation 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.

4.
For the purposes of the consultations referred to in para-
graphs 1, 2 and 3, each Contracting Party shall inform the other
Contracting Party of possible developments which could affect
the proper
this Agreement. This shall also
include any relevant agreement between one of the Contracting
Parties and a third State.

functioning of

Article 14

Relationship to bilateral double taxation conventions

The provisions of
Switzerland and the Member States shall not prevent
levying of the retention for which this Agreement provides.

the double taxation conventions between
the

Article 15

Dividends,

interest

and

royalty

payments

between

companies

1. Without prejudice to the application of domestic or
agreement-based provisions for the prevention of
fraud or
abuse in Switzerland and in Member States, dividends paid by
subsidiary companies to parent companies shall not be subject
to taxation in the source State where:

— the parent company has a direct minimum holding of 25 %
of the capital of such a subsidiary for at least two years, and,

— one company is resident for tax purposes in a Member State
for tax purposes in

and the other company is resident
Switzerland, and,

— under any double tax agreements with any third States
neither company is resident for tax purposes in that third
State, and,

— both companies are subject

being exempted and both adopt
company (1).

to corporation tax without
the form of a limited

However, Estonia may, for as long as it charges income tax on
distributed profits without taxing undistributed profits, and at
the latest until 31 December 2008, continue to apply that tax
to profits distributed by Estonian subsidiary companies to their
parent companies established in Switzerland.

2. Without prejudice to the application of domestic or
fraud or
agreement-based provisions for
abuse in Switzerland and in Member States,
interest and
royalty payments made between associated companies or their
permanent establishments shall not be subject to taxation in the
source State, where:

the prevention of

— such companies are affiliated by a direct minimum holding
of 25 % for at least two years or are both held by a third
company which has directly a minimum holding of 25 %
both in the capital of the first company and in the capital of
the second company for at least two years, and;

— where a company is

tax purposes or a
resident
permanent establishment is located in a Member State and
the other company is resident for tax purposes or other
permanent establishment situated in Switzerland, and;

for

— under any double tax agreements with any third States none
of the companies is resident for tax purposes in that third
State and none of the permanent establishments is situated
in that third State, and;

— all companies are subject to corporation tax without being
exempted in particular on interest and royalty payments and
each adopts the form of a limited company (1).

However, where Council Directive 2003/49/EC of 3 June 2003
on a common system of taxation applicable to interest and
royalty payments made between associated companies of
different Member States provides for a transitional period as
regards a given Member State,
that State shall only ensure
provision of the above arrangements on interest and royalty
payments after the expiry of that period.

(1) With regard to Switzerland, the term ‘limited company’ covers:

— société anonyme/Aktiengesellschaft/società anonima;
— société à responsabilité limitée/Gesellschaft mit beschränkter

— société

Haftung/società a responsabilità limitata;
commandite
sellschaft/società in accomandita per azioni.

par

en

actions/Kommanditaktienge-

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Existing double taxation agreements between Switzerland
3.
and the Member States which provide for a more favourable
taxation treatment of dividends, interest and royalty payments
at
remain
unaffected.

the time of adoption of

this Agreement

shall

Article 16

Transitional provisions for negotiable debt securities (1)

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 interna-
tional 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
shall not be
considered as debt-claims within the meaning of Article
7(1)(a), provided that no further issues of such negotiable
debt securities are made on or after 1 March 2002.

issuing State

the

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:

— which contain gross-up and early redemption clauses, and

— where the paying agent, as defined in Article 6,

is estab-

lished in Switzerland, and

— where that paying agent pays interest directly to, or secures
interest for the immediate benefit of, a

the payment of
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:

debt

negotiable

If a further issue is made on or after 1 March 2002 of an
aforementioned
a
Government or a related entity acting as a public authority or
whose role is recognised by an international Treaty (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).

security

issued

by

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 Switzerland and the Member
States from continuing to levy a tax on revenues deriving from
the negotiable debt securities referred to in paragraph 1 in
accordance with their national law.

Article 17

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
The Contracting Parties
completion of
these procedures. The Agreement shall enter
into force on the first day of the second month following the
last notification.

shall notify each other of

of

the

fulfilment

the
to
of
Switzerland
law concerning

constitutional
2.
Subject
of
requirements
Community
international
agreements, and without prejudice to Article 18, Switzerland
and where
effectively
implement and apply this Agreement from 1 January 2005
and notify each other thereof.

the Community

and
entering

requirements

applicable

shall

into

the

This Agreement shall remain in force until terminated by

3.
a Contracting Party.

Either Contracting Party may terminate this Agreement by
4.
giving notice to the other. In such a case, the Agreement shall
cease to have effect 12 months after the serving of notice.

— which contain gross-up and early redemption clauses, and

Article 18

— where the issuer's paying agent is established in Switzerland,

and

— where that paying agent pays interest directly to, or secures
interest for the immediate benefit of, a

the payment of
beneficial owner resident in a Member State.

(1) As in the Directive, these transitional provisions also apply to nego-

tiable debt securities held through investment funds.

Application and suspension of application

1.
The application of this Agreement shall be conditional on
the adoption and implementation by the dependent or asso-
ciated territories of
the Member States mentioned in the
report of the Council (Economic and Financial Affairs) to the
European Council of Santa Maria da Feira of 19 and 20 June
2000, as well as by the United States of America, Andorra,
respectively, of
Liechtenstein, Monaco and San Marino,
measures which conform with or are equivalent
to those
contained in the Directive or in this Agreement, with the
exception of Article 15 of this Agreement, and providing for
the same dates of implementation.

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The Contracting Parties shall decide, by common accord,
2.
at least six months before the date referred to in Article 17(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 States and dependent or associated terri-
tories 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 17(2).

Notwithstanding paragraphs 1 and 2, Article 15 shall
3.
apply in respect of Spain with effect
from the entry into
force of a bilateral agreement between Spain and Switzerland
on the exchange of information on request in administrative,
civil or criminal cases of tax fraud, as defined in the laws of the
requested State, or the like, with respect to items of income not
subject to this Agreement but covered by a convention or an
agreement between Spain and Switzerland on the elimination of
double taxation on income and capital.

4.
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 Community law or in the
event that a Member State should suspend the application of
its implementing legislation.

the third States or

Either Contracting Party may suspend the application of
5.
this Agreement through notification to the other in the event
that one of
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. Appli-
cation of this Agreement shall resume as soon as the measures
are reinstated.

territories

Article 19

Claims and final settlement

1.
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.

Switzerland shall, in such case, establish a final account by
2.
the end of the period of applicability of this Agreement and
make a final payment to the Member States.

Article 20

Territorial scope

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

Article 21

Annexes

The Annexes

1.
Agreement.

shall

form an integral part of

this

2.
The list of competent authorities in Annex I may be
amended simply by notification of the other Contracting Party
by Switzerland for the authority referred to in (a) therein and by
the Community for the other authorities.

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

Article 22

Languages

This Agreement is drawn up in duplicate in the Czech,
1.
Danish, Dutch, English, Estonian, Finnish, French, German,
Greek, Hungarian,
Polish,
Portuguese, Slovak, Slovenian, Spanish and Swedish languages,
each of these language versions being equally authentic.

Lithuanian,

Latvian,

Italian,

2.
The Maltese language version shall be authenticated by the
Contracting Parties on the basis of an exchange of letters. It
shall also be authentic, in the same way as for the languages
referred to in paragraph 1.

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EN FE DE LO CUAL, los plenipotenciarios abajo firmantes suscriben el presente Acuerdo.
NA DŮKAZ ČEHOŽ připojili níže podepsaní zplnomocnění zástupci k této smlouvě své podpisy.

TIL BEKRÆFTELSE HERAF har undertegnede befuldmægtigede underskrevet denne aftale.

ZU URKUND DESSEN haben die unterzeichneten Bevollmächtigten ihre Unterschriften unter dieses Abkommen gesetzt.

SELLE KINNITUSEKS on täievolilised esindajad käesolevale lepingule alla kirjutanud.
ΣΕ ΠΙΣΤΩΣΗ ΤΩΝ ΑΝΩΤΕΡΩ, οι υπογράφοντες πληρεξούσιοι έθεσαν την υπογραφή τους κάτω από την παρούσα συμφωνία.

IN WITNESS WHEREOF, the undersigned Plenipotentiaries have hereunto set their hands.

EN FOI DE QUOI, les plénipotentiaires soussignés ont apposé leurs signatures au bas du présent accord.

IN FEDE DI CHE, i plenipotenziari sottoscritti hanno apposto la propria firma in calce al presente accordo.
TO APLIECINOT, attiecīgi pilnvarotas personas ir parakstījušas šo nolīgumu.
TAI PALIUDYDAMI, šį Susitarimą pasirašė toliau nurodyti įgaliotieji atstovai.

FENTIEK HITELÉÜL e megállapodást az alulírott meghatalmazottak alább kézjegyükkel látták el.
B'XIEHDA TA' DAN, il-Plenipotenzjari hawn taħt iffirmati ffirmaw dan il-Ftehim.

TEN BLIJKE WAARVAN de ondergetekende gevolmachtigden hun handtekening onder deze overeenkomst hebben
geplaatst.
W DOWÓD CZEGO, niżej podpisani pełnomocnicy złożyli swoje podpisy.

EM FÉ DO QUE, os plenipotenciários abaixo assinados apuserem as suas assinaturas no final do presente Acordo.
NA DÔKAZ ČOHO dolupodpísaní splnomocnení zástupcovia podpísali túto dohodu.
V POTRDITEV TEGA so spodaj podpisani pooblaščenci podpisali ta sporazum.

TÄMÄN VAKUUDEKSI allamainitut täysivaltaiset edustajat ovat allekirjoittaneet tämän sopimuksen.

TILL BEVIS HÄRPÅ har undertecknade befullmäktigade undertecknat detta avtal.

Hecho en Luxemburgo, el veintiseis de octubre del dos mil cuatro.
V Lucemburku dne dvacátého šestého října dva tisíce čtyři.

Udfærdiget i Luxembourg den seksogtyvende oktober to tusind og fire.

Geschehen zu Luxemburg am sechsundzwanzigsten Oktober zweitausendundvier.

Kahe tuhande neljanda aasta oktoobrikuu kahekümme kuuendal päeval Luxembourgis.
Έγινε στο Λουξεμβούργο, στις είκοσι έξι Οκτωβρίου δύο χιλιάδες τέσσερα.

Done at Luxembourg on the twenty-sixth day of October in the year two thousand and four.

Fait à Luxembourg, le vingt-six octobre deux mille quatre.

Fatto a Lussembourgo, addì ventisei ottobre duemilaquattro.
Luksemburgā, divi tūkstoši ceturtā gada divdesmit sestajā oktobrī.
Priimta du tūkstančiai ketvirtų metų spalio dvidešimt šeštą dieną Liuksemburge.
Kelt Luxembourgban, a kettőezer negyedik év október huszonhatodik napján.
Magħmula fil-Lussemburgu fis-sitta u għoxrin jum ta' Ottubru tas-sena elfejn u erbgħa.

Gedaan te Luxemburg, de zesentwintigste oktober tweeduizendvier.
Sporządzono w Luksemburgu w dniu dwudziestym szóstym października roku dwutysięcznego czwartego.

Feito em Luxemburgo, em vinte e seis de Outubro de dois mil e quatro.
V Luxemburgu dvadsiateho šiesteho októbra dvetisícštyri.
V Luxembourgu, dne šestindvajsetega oktobra leta dva tisoč štiri.

Tehty Luxemburgissa kahdentenakymmenentenäkuudentena päivänä lokakuuta vuonna kaksituhattaneljä.

Som skedde i Luxemburg den tjugosjätte oktober tjugohundrafyra.

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Por la Comunidad Europea
Za Evropské společenství
For Det Europæiske Fællesskab
Für die Europäische Gemeinschaft
Euroopa Ühenduse nimel
Για την Ευρωπαϊκή Κοινότητα

For the European Community
Pour la Communauté européenne
Per la Comunità europea
Eiropas Kopienas vārdā
Europos bendrijos vardu
az Európai Közösség részéről
Għall-Komunità Ewropea
Voor de Europese Gemeenschap
W imieniu Wspólnoty Europejskiej
Pela Comunidade Europeia
Za Európske spoločenstvo
za Evropsko skupnost
Euroopan yhteisön puolesta
På Europeiska gemenskapens vägnar

Für die Schweizerische Eidgenossenschaft
Pour la Confédération suisse
Per la Confederazione svizzera

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Official Journal of the European Union

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ANNEX I

LIST OF COMPETENT AUTHORITIES

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

(a)

in Switzerland, Le Directeur de l'Administration fédérale des contributions/Der Direktor der Eidgenössischen Steuer-
verwaltung/il direttore dell'Amministrazione federale delle contribuzioni or his proxy or agent,

(b)

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

(c)

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

(d)

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

(e)

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

(f)

in Estonia: Rahandusminister or an authorised representative,

(g)

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

(h)

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

(i)

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

(j)

in Ireland: The Revenue Commissioners or their authorised representative,

(k)

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

(l)

in Cyprus: Υπουργός Οικονομικών or an authorised representative,

(m) in Latvia: Finanšu ministrs or an authorised representative,

(n)

in Lithuania: Finansų ministras or an authorised representative,

(o)

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

(p)

in Hungary: A pénzügyminiszter or an authorised representative,

(q)

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

(r)

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

(s)

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

(t)

in Poland: Minister Finansów or an authorised representative,

(u)

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

(v)

in Slovenia: Minister za finance or an authorised representative,

(w)

in Slovakia: Minister financií or an authorised representative,

(x)

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

(y)

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

(z)

in the United Kingdom of Great Britain and Northern Ireland and in the European territories for whose external
relations the United Kingdom is responsible: the Commissioners of Inland Revenue or their authorised 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
Switzerland by the Secretary General of the Council of
the European Union, and which shall apply to this
Agreement.

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29.12.2004

ANNEX II

LIST OF RELATED ENTITIES

For the purposes of Article 16 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

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)

Spain

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)

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 Тηλεπικοινωνιών Ελλάδος (National Telecommunications Organisation)

Оργανισμός Σιδηροδρόμων Ελλάδος (National Railways Organisation)

Δημόσια Επιχείρηση Ηλεκτρισμού (Public Electricity Company)

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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

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 (association of districts)

związki województw (association 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)

INTERNATIONAL ENTITIES:

European Bank for Reconstruction and Development

European Investment Bank

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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 and Steel Community

Nordic Investment Bank

Caribbean Development Bank

The provisions of Article 16 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 STATES:

The entities that meet the following criteria:

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

2. 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.

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

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

gross up clauses.