2005/347/EC: Council Decision of 22 December 2004 on the conclusion of the Agreement between the European Community and the Principality of Monaco 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
Date: 2004-12-22
Institutions: Council of the European Union
Subjects: Monaco, agreement (EU), interest, ratification of an agreement, savings, tax convention, tax on income, tax system

L 110/40

EN

Official Journal of the European Union

30.4.2005

II

(Acts whose publication is not obligatory)

COUNCIL

COUNCIL DECISION

of 22 December 2004

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

(2005/347/EC)

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 from the Commission,

Having regard to the opinion of the European Parliament (1),

(4)

(5)

(6)

Whereas:

According to Decision 2005/35/EC 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 7 December 2004.

The Agreement
accompanying
Memorandum of Understanding should be approved on
behalf of the Community.

as well

the

as

It
is necessary to provide for a simple and rapid
procedure for possible adaptations of Annexes 1 and 2
to the Agreement,

(1)

(2)

(3)

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

The text of the Agreement which is the result of these
negotiations duly reflects the negotiating directives issued
by the Council. It is accompanied by a Memorandum of
Understanding between the European Community and
the Principality of Monaco. Both texts are attached to
Decision 2005/35/EC (2).

of

the

provisions

application

The
of Directive
2003/48/EC (3) depends on the application, by the Prin-
cipality of Monaco, of measures equivalent
to those
contained in that Directive,
in accordance with an
agreement concluded by that State with the European
Community.

(1) Opinion of 2 December 2004 (not yet published in the Official

Journal).

(2) OJ L 19, 21.1.2005, p. 53.
(3) OJ L 157, 26.6.2003, p. 38. Directive as last amended by Directive

2004/66/EC (OJ L 168, 1.5.2004, p. 35).

HAS DECIDED AS FOLLOWS:

Article 1

The Agreement between the European Community and the
Principality of Monaco 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 as well as
the accompanying Memorandum of Understanding are hereby
approved on behalf of the European Community.

The text of the Agreement as well as of the accompanying
Memorandum of Understanding
this
Decision (4).

attached

are

to

Article 2

the amendments

The Commission is hereby authorised to approve, on behalf of
the Community,
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 infor-
mation in the Annex thereto.

to the Annexes

(4) OJ L 19, 21.1.2005, p. 55.

30.4.2005

EN

Official Journal of the European Union

L 110/41

Article 3

The President of the Council shall give the notification provided for in Article 16(1) of the Agreement on
behalf of the Community (1).

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

Article 4

Done at Brussels, 22 December 2004.

For the Council
The President

C. VEERMAN

(1) 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