Agreement between the European Community and the Principality of Liechtenstein 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: 2004-12-07
Institutions: European Community, Liechtenstein
Subjects: Liechtenstein, agreement (EU), interest, savings, tax on income, tax system

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between the European Community and the Principality of Liechtenstein 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 ‘the Community’,

and

THE PRINCIPALITY OF LIECHTENSTEIN, hereinafter referred to as ‘Liechtenstein’,

both hereinafter referred to as ‘Contracting Party’ or ‘Contracting Parties’,

Reaffirming the common interest in further developing the privileged relationship between the Community and Liech-
tenstein,

HAVE AGREED AS FOLLOWS:

Article 1

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

Retention by Liechtenstein Paying Agents

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
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.

tasks

Liechtenstein shall take the necessary measures to ensure
2.
that
this
the
the
Agreement are carried out by paying agents established within
the territory of Liechtenstein and specifically provide for
provisions on procedures and penalties.

implementation of

required for

(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.
The competent authority of Liechtenstein shall commu-
nicate 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
interest
payments made during that year.

in Liechtenstein,

the tax year

for all

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 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 bene-
ficial owner shall consist of:

for

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

The paying agent

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

shall withhold the

retention in

(a)

the identity and residence of the beneficial owner estab-
lished in accordance with Article 5;

(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) 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;

Article 5

Identity and residence of beneficial owners

(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.

2.
For the purposes of paragraph 1, the retention shall be
deducted on a pro rata basis for the period during which the
is
beneficial owner holds a debt-claim.
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.

the paying agent

If

carried out

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
contractual
in the
transactions
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.

absence of

Taxes and retentions other than the retention provided for
3.
in this Agreement on the same payment of interest shall be
the retention calculated in
credited against
accordance with this Article. This shall,
include
in particular,
the Liechtenstein Couponsteuer at a rate of 4 %.

the amount of

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 can provide evidence that the interest payment was
not received or secured for his or her own benefit. An indi-
vidual is not deemed to be the beneficial owner when he or she:

Article 6

Definition of paying agent

‘paying agent’

For the purposes of this Agreement,
in Liech-
tenstein shall mean banks under Liechtenstein banking law,
securities dealers, natural and legal persons resident or estab-
lished in Liechtenstein including economic operators regulated
by the Liechtenstein Persons- and Companies Act (Personen-
und Gesellschaftsrecht), partnerships and permanent estab-
foreign companies, which even occasionally
lishments of
third parties or
invest or
accept, hold,
merely pay interest or secure the payment of interest in the
course of their business.

transfer assets of

Article 7

Definition of Interest Payment

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

For the purposes of

1.
shall mean:

this Agreement

‘interest payment’

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

(a)

(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.

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
the beneficial owner, that agent shall treat the individual
in
question as the beneficial owner.

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
including premiums and prizes attaching to
debentures,
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;

(b) interest accrued or capitalised at

the sale,

refund or

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

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(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 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

collective
outside the territory of the Contracting Parties,

investment

for

established

(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,

The percentage referred to in subparagraph 1(d) and

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

6.
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 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.

Article 8

Revenue sharing

1.
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

2.
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.

(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,

Article 9

Elimination of double taxation

(iii) undertakings

collective
outside the territory of the Contracting Parties.

investment

for

established

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 subpar-
agraph, that percentage shall be considered to be above 40 %.
income
Where that agent cannot determine the amount of
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).

1.
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
the
shall grant him a tax credit equal
retention. Where this amount exceeds the amount of tax due
to retention in
interest
on the total amount of
accordance with its national
the Member State of
law,
residence for tax purposes shall repay the excess amount of
tax withheld to the beneficial owner.

to the amount of

subject

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
taxation
accordance with
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 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 the information contained in the certificates issued by Liech-
tenstein paying agents.

double

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The Member State of residence for tax purposes of the
3.
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.

If requested by a Member State, Liechtenstein shall enter
4.
into bilateral negotiations with that State in order to define
individual
in
accordance with the procedure of taxation applied by that State.

falling under

categories of

cases

like’

‘the

Article 10

Exchange of information

Article 11

Competent Authorities

1.
The competent authorities of Liechtenstein 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 in
accordance with its procedural laws information with respect to
matters that the requesting State is investigating, or may inves-
tigate, 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 autho-
rities (including courts and administrative bodies) concerned
with assessment or collection of, the enforcement or prose-
cution in respect of, or
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.

the determination of appeals

2.
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.

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:

(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.

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 autho-
rities referred to in Article 11 as to the interpretation or appli-
cation of this Agreement, they shall endeavour to resolve this
immediately notify the
by mutual agreement. They shall
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.

and
the other Member States of

European Communities

the

of

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

3.
implemen-
tation of Article 1(1) is available, the Contracting Parties shall
consult each other in order to examine whether changes to this
international
Agreement are necessary taking into account
developments.

For the purposes of the consultations referred to in para-
4.
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

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Article 14

Relationship to bilateral Double Taxation Conventions

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

the double taxation conventions between
the

Article 15

Transitional provisions for negotiable debt securities (1)

From the date of application of this Agreement for as long
1.
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 were
first issued before 1 March 2001 or for which the original
issuing prospectuses were 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

— 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.

debt

security

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 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).

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).

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 nego-
tiable debt securities:

2.
This Article shall 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.

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

Article 16

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

is estab-

lished in Liechtenstein, 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:

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

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
the
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

law concerning

the
Liechtenstein and

constitutional
2.
to
Subject
requirements of
requirements of
Community
international
agreements and without prejudice to Article 17, Liechtenstein
effectively
and where
implement and apply this Agreement by 1 July 2005 and
notify each other thereof.

the Community

applicable

entering

shall

into

the

This Agreement shall remain in force until terminated by

3.
a Contracting Party.

— where the issuer's paying agent

is established in Liech-

tenstein, and

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

tiable debt securities held through investment funds.

4.
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.

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Article 17

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, 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.

2.
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 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 16(2).

3.
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.

Liechtenstein shall, in such case, establish a final account
2.
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 Community is
applied and under the conditions laid down in that Treaty and,
on the other hand, to the territory of Liechtenstein.

Article 20

Annexes

The Annexes

1.
Agreement.

shall

form an integral part of

this

The list of competent authorities in Annex I may be
2.
amended simply by notification of the other Contracting Party
by Liechtenstein 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.

the third States or

Either Contracting Party may suspend the application of
4.
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 18

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.

Article 21

Languages

This Agreement shall be drawn up in duplicate in Czech,
1.
Danish, Dutch, English, Estonian, Finnish, French, German,
Greek, Hungarian,
Polish,
Portuguese, Slovak, Slovenian, Spanish and Swedish, each of
these texts 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 Bruselas, el siete de diciembre del dos mil cuatro.
V Bruselu dne sedmého prosince dva tisíce čtyři.

Udfærdiget i Bruxelles, den syvende december to tusind og fire.

Geschehen zu Brüssel am siebten Dezember zweitausendundvier.

Kahe tuhande neljanda aasta detsembrikuu seitsmendal päeval Brüsselis.
Eγινε στις Βρυξέλλες, στις εφτά Δεκεμβρίου δύο χιλιάδες τέσσερα.

Done at Brussels on the seventh day of December in the year two thousand and four.

Fait à Bruxelles, le sept décembre deux mille quatre.

Fatto a Bruxelles, addì sette dicembre duemilaquattro.
Briselē, divi tūkstoši ceturtā gada septītajā decembrī.
Pasirašyta du tūkstančiai ketvirtųjų metų gruodžio septintą dieną Briuselyje.
Kelt Brüsszelben, a kettőezer negyedik év december hetedik napján.
Magħmul fi Brussel fis-seba' jum ta' Diċembru tas-sena elfejn u erbgħa.

Gedaan te Brussel, de zevende december tweeduizendvier.
Sporządzono w Brukseli dnia siódmego grudnia roku dwutysięcznego czwartego.

Feito em Bruxelas, em sete de Dezembro de dois mil e quatro.
V Bruseli siedmeho decembra dvetisícštyri.
V Bruslju, dne sedmega decembra leta dva tisoč štiri.

Tehty Brysselissä seitsemäntenä päivänä joulukuuta vuonna kaksituhattaneljä.

Som skedde i Bryssel den sjunde december 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 das Fürstentum Liechtenstein

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LIST OF COMPETENT AUTHORITIES OF THE CONTRACTING PARTIES

ANNEX I

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

(a)

in the Principality of Liechtenstein: Die Regierung des Fürstentums Liechtenstein or an authorised representative,

(b)

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

(c)

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

(d)

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

(e)

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

(f)

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

(g)

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

(h)

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

(i)

(j)

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

in Ireland: The Revenue Commissioners or their authorised representative,

(k)

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

(l)

in the Republic of Cyprus: Υπουργός Οικονομικών or an authorised representative,

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

(n)

in the Republic of 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'Etat luxemburgeois’,

(p)

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

(q)

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

(u)

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

(v)

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

(w)

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

(x)

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

(y)

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

(z)

in the United Kingdom of Great Britain and Northern Ireland and in the European territories for whose external
relations the United Kingdom is responsible: the Commissioners of Inland Revenue or their authorised 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

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 (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)

INTERNATIONAL ENTITIES:

European Bank for Reconstruction and Development

European Investment Bank

Asian Development Bank

African Development Bank

World Bank/IBRD/IMF

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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. 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.