natgillin/translations-raw huggingface dataset:
- På det politiske plan ville en sådan uomgængelig forpligtelse have betydet en væsentlig indsnævring af EF's og medlemsstaternes handlefrihed og forhandlingsmuligheder i forholdet til tredjelande.
(ii) Temporary (they may not exceed six months) because the special safeguard clause is not designed to correct a substantial divergence of economic fundamentals requiring a shift in economic policy or more extensive exchange-control measures.
Og dette ville ikke kunne begrundes ud fra et gensidighedssynspunkt, eftersom intet tredjeland havde indgået en tilsvarende forpligtelse over for EF.
Application of the safeguard clause requires authorization from the Commission, after consulting the Monetary Committee and the Committee of Central Bank Governors.
Skulle der opstå den situation, at kapitalbevægelser til eller fra tredjelande skaber alvorlige forstyrrelser i et eller flere EF-landes interne eller eksterne monetære eller finansielle situation, skal medlemsstaterne holde samråd om, hvilke foranstaltninger der bør træffes for at imødegå disse problemer (direktivets artikel 7, stk. 2)26).
After consulting the two aforementioned committees, the Commission decides whether the Member State may continue to apply these measures or whether it should amend or abolish them. The decision taken by the Commission may be revoked or amended by the Council acting by a qualified majority.
I henhold til direktivet skal den fuldstændige liberalisering af kapitalbevægelser være tilendebragt pr. 1. juli 1990 undtagen i de medlemsstater, for hvilke der gælder en overgangsordning.
(i) The clause contained in Article 73 of the Treaty relates to 'disturbances in the functioning of the capital market', whereas the clause in the Directive is designed to cover 'severe strains on foreign-exchange markets' which 'lead to serious disturbances in the conduct of a Member State's monetary and exchangerate policies'.
De tillokkende udsigter til en integreret europæisk finanssektor og den omstændighed, at jo længere man nåede frem mod den 1. juli 1990, jo mindre effektive blev de sidste valutarestriktioner (hvis effektivitet i forvejen var ret begrænset — se afsnit 2.4.2.), bevirkede imidlertid, at de fleste medlemsstater gennemførte direktivet allerede før den fastsatte frist.
(ii) The clause contained in Articles 108 and 109 applies to a situation where a Member State 'is in difficulties or is seriously threatened with difficulties as regards its balance of payments'.
Dermed ønskede de samtidig også at udsende positive signaler til markedet.
The situation envisaged here, however, is one in which there are disturbances resulting from exceptionally large short-term capital movements without there being any fundamental economic imbalance.
:i') Med indføjelsen af denne bestemmelse i direktivet blev det muligt at ophæve bestemmelserne i direktivet af 21. 3.
Experience has shown that strains may arise on the foreign-exchange market even when there is no balance-of-payments disequilibrium.
Frankrig ophævede således pr. 1. januar 1990 de sidste restriktioner for åbning af bankkonti i udlandet eller åbning af udlandskonti i indlandet.
Before the end of 1992, the Council is to re-examine whether the provisions of this clause are still commensurate, as regards principle and details, with the requirements which they were intended to satisfy.1
Også Italien ophævede i to etaper — henholdsvis i januar og maj 1990 — de sidste valutarestriktioner.
Application of national legislation and information procedures
Ud fra ønsket om at tage hensyn til en række legitime indvendinger fra medlemsstaterne blev der i direktivet fastsat en række nærmere bestemmelser om liberaliseringens gennemførelse.
The principle of the complete liberalization of capital movements does not preclude the application of national laws and regulations relating to such movements.
Baggrunden herfor var nødvendigheden af, at medlemsstaterne fortsat kan føre en effektiv pengepolitik.
It is unnecessary to list here all the different fields in which such national laws or regulations will continue to apply.
De må være i stand til at imødegå virkningerne af en massiv tilstrømning af kortfristet kapital og sikre en effektiv håndhævelse af deres nationale lovgivning.
It is sufficient to mention tax and statistical rules, domestic rules and regulations governing the financial system, and rules on consumer protection.
Uanset hvad der gøres for at styrke det pengepolitiske samarbejde mellem EF-landene (se afsnit 3.3) sorterer den pengepolitiske regulering fortsat under de enkelte lande, så længe man endnu ikke er nået frem til den økonomiske og monetære union.
Member States retain the right to take all requisite measures to prevent infringements of their laws and regulations.
Den pengepolitiske regulering må kunne foregå inden for rammerne af effektive og velfungerende instrumenter og markeder, ikke mindst af hensyn til de krav, den fuldstændige liberalisering af kapitalbevægelser stiller til pengepolitikken.
Similarly, notification procedures may be introduced for capital movements to and from other countries for the purposes of administrative or statistical information.
Direktivet anerkender derfor medlemsstaternes ret til at træffe »foranstaltninger til regulering af likviditeten i banksektoren, der har en specifik virkning på kreditinstitutters kapitaltransaktioner med valutaudlændinge« (artikel 2).
Application of those measures and procedures may not have the effect of impeding capital movements carried out in accordance with Community law (Article 4 of the Directive).
- fastsættelse af bestemte reservekoefficienter for deres udenlandske tilgodehavender eller forpligtelser
There were various reasons for this: their recent accession to the Community, balance-of-payments difficulties or high level of external debt, underdeveloped national financial systems, etc.
- regulering af adgangen til det indenlandske marked via køb og salg af aktiver, der spiller en vigtig rolle for pengepolitikken og ikke handles på et normalt tilgængeligt marked.
In such cases, radical measures to liberalize capital movements posed a serious threat to the necessary recovery programme.
I det omfang, hvor disse restriktioner også anvendes over for visse kategorier af valutaindlændinge, kan de ikke betragtes som forskelsbehandling efter Traktatens artikel 68, stk. 2.
Equally, it was impossible to reform at a stroke a financial system that was highly compartmentalized and regulated and that was under considerable strain because of the level of public debt.
Disse foranstaltninger skal være »begrænset til, hvad der er nødvendigt for regulering af den indenlandske pengemængde«.
In order to allow these Member States to continue their efforts to adapt to the new constraints, they were allowed more time to comply with the obligations stemming from the Directive.
For at undgå, at medlemsstaterne under påskud af pengepolitiske hensyn indfører skjulte restriktioner for kapitalbevægelser, har direktivet desuden fastsat en »EFovervågningsprocedure« — medlemsstater, der træffer sådanne foranstaltninger, skal forinden give Kommissionen og Centralbankchefkomitéen underretning herom.
(i) A single set of transitional arrangements was laid down for Spain, Portugal, Greece and Ireland. Until 31 December 1992, these countries may continue to apply, or may reintroduce, restrictions in force on 30 June 1990 on certain capital movements liberalized by the 1960, 1962 and 1986 Directives, and may defer liberalization of operations which, until adoption of the Directive, could be made subject to restrictions.
Kom missionen vil da kunne skride ind med hjemmel i Traktaten for at få disse restriktioner ophævet eller ændret, hvis den skønner, at de er mere vidtgående end det er strengt nødvendigt.
This review will take account of the special situation in those Member States benefiting from derogations as regards implementation of the Directive.
Efter liberaliseringen kan der opstå den situation, at medlemsstaterne bliver stillet over for massive kortfristede pengestrømme, som volder alvorlige forstyrrelser i styringen af penge- og valutapolitikken.
Major liberalization measures were taken in Spain in January and April 1990. The only operations still to be liberalized there are financial credits and the opening of accounts abroad by residents.
Derfor er der i direktivet indført en særlig beskyttelsesklausul, der skal gøre det muligt for dem at imødegå sådanne trusler ved at regulere sådanne kortfristede kapitalbevægelser.
Further liberalization measures have also been taken in Ireland and Portugal.
- Begrænsede i den forstand, at de kun må gælde for kortfristede transaktioner, der ikke var frigivet efter de tidligere direktiver (navnlig transaktioner i pengemarkedspapirer, over kontokurantkonti eller indlånskonti samt kortfristede finansieringskreditter). Man kan nemlig vanskeligt forestille sig. at indførelsen af denne nye beskyttelsesklausul skulle kunne betyde et tilbageslag i forhold til de eksisterende liberaliseringsforpligtelser. Det skal understreges, at de kontrolforanstaltninger, som træffes med hensyn til transaktioner over kontokurantkonti eller indlånskonti også vil kunne omfatte en regulering af betalingsmåder i forbindelse med løbende transaktioner (fastsættelse af frister for køb eller sals af valuta og regler for terminsforretninger)27)·
Every effort must be made to prevent tax considerations from disrupting the smooth operation of capital markets. In the absence of any restrictions, capital movements may be determined more by considerations of a tax nature.
- Midlertidige (af højst 6 måneders varighed), idet den pågældende beskyttelsesklausul ikke har til formål at bøde på betydelige fundamentale problemer (som vil gøre det nødvendigt at omlægge den økonomiske politik eller at indføre mere vidtgående former for valutakontrol).
In the absence of agreed harmonization, it is feared that the competition in tax matters which will inevitably prevail will lead to tax rates being set at sub-optimal levels. This would undermine the moves to achieve tax policy objectives particularly in terms of revenue, efficiency and equity, and could prove highly prejudicial to some Member States.
I særligt hastende tilfælde kan den pågældende stat dog selv træffe disse beskyttelsesforanstaltninger og da blot underrette Kommissionen og de øvrige medlemsstater herom.
Governments in a number of Member States have introduced tax arrangements for encouraging savings and promoting certain types of investment which directly or indirectly make it advantageous to purchase domestic securities.
I så fald træffer Kommissionen efter høring af de ovennævnte to instanser afgørelse om, hvorvidt disse foranstaltninger kan opretholdes eller skal ændres.
Such measures often have legitimate economic objectives but they discriminate against foreign securities.
Denne afgørelse kan omstødes eller ændres af Rådet ved enstemmig beslutning.
To that extent, they must be either abolished or extended to all Community residents.
Er de eksisterende beskyttelsesklausuler ikke tilstrækkelige? Nej, siger Kommissionen.
Distortions in capital movements due essentially to tax considerations
Da artikel 73 er en undtagelsesbestemmelse, må den også fortolkes strengt
(a) Harmonization of company taxation
27) I en integreret finanssektor med bl.a. fri udveksling af finansielle tjenesteydelser kan det blive nødvendigt at foretage visse indskrænkninger i disse tjenester, hvis disse foranstaltninger skal kunne virke efter hensigten.
The liberalization of capital movements will not achieve its full impact if major differences in company taxation between Member States distort investment decisions regarding the siting of the company's operations and the location of its administrative headquarters, or decisions by individual shareholders and investors as to where to place their funds, etc.
- klausulen i artikel 108 og 109 angår en situation, hvori en medlemsstat har »vanskeligheder eller alvorligt trues af vanskeligheder« med hensyn til sin betalingsbalance.
As long ago as 1975, the Commission presented a proposal for a Directive on the harmonization of systems of company taxation and withholding taxes on dividends.
Den her omhandlede situation angår imidlertid forstyrrelser, der stammer fra kortfristede kapitalbevægelser af usædvanligt omfang, uden at der dog er tale om nogen fundamental økonomisk uligevægt.
In view of the difficulties encountered in achieving such harmonization, the Commission decided, in April 1990, to withdraw its proposal and to concentrate instead, in the runup to 1993, on what it considers to be strictly necessary for completing the internal market.
Erfaringerne viser, at der kan opstå spændinger på valutamarkederne, selv om der ikke er tale om uligevægt på betalingsbalancen. Erfaringerne viser også, at indenlandske bindinger og problemer i det monetære samarbejde kan begrænse mulighederne for indgreb via rentesatser eller interventioner på valutamarkedet.
In addition to two Directives on the tax treatment of mergers and the taxation of dividends distributed by subsidiaries to parent companies established in different Member States, which were adopted by the Council on 23 July 1990, and a convention on the elimination of double taxation in connection with the adjustment of profits of associated enterprises, which was signed on the occasion of the same Council meeting, the Commission plans to present two other proposals: one permitting foreign results to be taken into account by all companies engaged in transnational activities and the other on the abolition of withholding taxes on interest and royalty payments within groups of companies.
Denne klausul og betingelserne for at gøre brug af den skal tages op til fornyet overvejelse inden udgangen af 1992. Rådet skal ved den lejlighed tage stilling til, om bestemmelserne fortsat er tilpasset efter de behov, de skal tilgodese28).
This would be in addition to the possibility provided for in the proposal for the Statute for a European Company of deducting losses incurred by permanent establishments abroad.1
Princippet om helt frie kapitalbevægelser er ikke til hinder for at håndhæve den nationale lovgivning over for disse kapitalbevægelser.
The removal of all restrictions on capital movements can lead to an increase in tax evasion and avoidance.
Det tjener ikke noget formål her at opremse alle de områder, hvor nationale lovbestemmelser vil fortsætte med at være gældende.
The risk is particularly high in the case of interest income, since a number of Member States either do not deduct tax at source or exempt non-residents.
Vi vil blot nøjes med som eksempel at nævne skattelovgivning, statistiske bestemmelser, det finansielle systems interne organisation og forbrugerbeskyttelse.
Such an increase in tax evasion is clearly undesirable both for reasons of equity and because of the financial loss to governments.
Når et pengeinstitut eller en anden finansiel virksomhed udbyder finansielle tjenesteydelser i en anden medlemsstat, kan det andet lands myndigheder således kræve visse nationale bestemmelser overholdt, herunder bestemmelser vedtaget af hensyn til forbrugerne.
It was with this in mind that the Directive of 24 June 1988 stipulated that the Commission should present proposals 'aimed at eliminating or reducing risks of distortion, tax evasion and tax avoidance linked to the diversity of national systems for the taxation of savings and for controlling the application of these systems' (Article 6(5)).
Medlemsstaterne vil fortsat kunne træffe de foranstaltninger, der er nødvendige for at imødegå overtrædelser af deres love og forskrifter.
The Commission presented two proposals pursuant to this provision.2The first was designed to introduce a common system of withholding tax on interest payments made to all Community residents.
Der kan således også indføres indberetningssystemer, når det af administrative eller statistiske hensyn er nødvendigt at få kendskab til kapitalbevægelser med udlandet.
It advocated a rate of 15% and provided for certain possible exemptions. Owing to opposition from a number of Member States, a common system of withholding tax has not been introduced.
Sådanne foranstaltninger og ordninger må imidlertid ikke lægge hindringer i vejen for kapitalbevægelser, der foretages i overensstemmelse med EF-retten (direktivets artikel 4).
In actual fact, however, some Member States have taken the step of lowering the rate of withholding tax they apply to a level closer to or even below that proposed by the Commission.
Adskillige medlemsstater var endnu ikke nået op på det gennemsnitlige finansielle og monetære integrationsniveau i EF.
Guidelines on company taxation: Commission communication to Parliament and the Council (SEC(90) 601 final of 20 April 1990).
Dette kunne have forskellige årsager som f.eks., at de først for nylig var indtrådt i EF. at de havde vanskeligheder med deres betalingsbalance eller var tynget af en stor udlandsgæld, eller at deres finansielle system var mindre udviklet.
The proposal for a Council Directive on a common system of withholding tax on interest income and the proposal for a Council Directive amending Directive 77/799/EEC concerning mutual assistance by the competent authorities of the Member States in the field of direct taxation and value-added tax (OJ C 141, 7.6.1989).
Under sådanne forhold kunne en radikal liberalisering af kapitalbevægelser gøre det overordentligt vanskeligt at gennemføre det nødvendige saneringsprogram.
Only legislation enacted by that Member State can be invoked to prevent such an exchange of information.
På samme måde ville det tage tid at tilpasse et meget lukket og reguleret finansielt system, som var under betydeligt pres fra en stor offentlig gældsætning.
At the Council meeting (economic and financial affairs) on 18 December 1989, all the Member States except Luxembourg agreed to this reinforcement of mutual assistance and to other measures designed to combat tax evasion, and it was the failure of Luxembourg to fall into line which prevented the Community from taking action in this field.
For at gøre det muligt for disse lande at fortsætte de bestræbelser, de havde sat i gang med henblik på at tilpasse sig den nye situation, måtte de have længere tid til at opfylde de forpligtelser, der følger af direktivet om fuldstændig liberalisering af kapitalbevægelser:
Finally, the Commission considers that ways and means of stepping up the fight against tax evasion should be examined in a wider international framework, whether on a bilateral basis (e.g. with the United States, Japan and the EFTA countries) or within such appropriate multilateral bodies as the OECD.
- For Spanien, Portugal, Grækenland og Irland er der derfor indført en ensartet overgangsordning.
Clearly, it will not be easy to find a solution to this problem.
De kan indtil 31. december 1992 dels opretholde eller genindføre de restriktioner vedrørende visse former for kapitalbevægelser, der skulle liberaliseres i henhold til 1960-, 1962- og 1986-direktiverne, som fandtes pr. 30. juni 1990, og dels udskyde liberaliseringen af de transaktioner, som først blev liberaliseret med 1988-direktivet.
It is essential to ensure that any measures taken do not trigger a flight of capital to third countries, a rise in interest rates or substantial administrative burdens both for the public authorities and for financial intermediaries.
De eneste endnu ikke frigivne transaktioner er finanskreditter og valutaindlændinges åbning af konti i udlandet.
Finally, account must be taken as far as possible of the internal equilibrium of the income-tax systems in the various Member States.
Skattespørgsmål
General observations
Hvis der slet ikke eksisterer nogen former for begrænsninger, kan kapitalbevægelserne i højere grad blive bestemt af skattemæssige betragtninger.
Developments indicate that other measures are necessary.
De kan end videre medføre en omfordeling af skatteindtægterne mellem medlemsstaterne inden for Fællesskabet.
A European financial area of this kind should satisfy the following requirements.
I en situation med frie kapitalbevægelser er der større mulighed for, at en medlemsstat indfører begrænsninger, der er skadelige for de andre EF-lande.
(i) There shall be no restrictions on financial institutions wishing to offer their services in other Member States, either by setting up a branch or office, or through the transfrontier supply of services.
Uden en samordnet harmonisering kan man frygte, at den skattemæssige konkurrence, som uundgåeligt vil indtræde, resulterer i, at der fastsættes suboptimale skattesatser. Dette ville få indflydelse på realiseringen af de mål, som forfølges med skattepolitikken, særlig med hensyn til indtægter, effektivitet og rimelighed, og kunne vise sig at blive til skade for nogle lande.
(ii) The user of financial services must be guaranteed adequate protection.
I nogle lande har regeringerne indført skatteordninger med henblik på at fremme opsparing og visse former for pengeanbringelse, som medfører eller sigter på at begunstige køb af nationale værdipapirer.
(iii) Satisfactory conditions of competition must be maintained and the stability of the financial system must be preserved.
Sådanne foranstaltninger er ofte inspireret af legitime økonomiske mål, men de har en diskriminatorisk virkning over for udenlandske værdipapirer.
Even though the freedom of establishment and the freedom to provide services established by the Treaty of Rome constitute immediately and directly applicable rights of which any natural or legal person may avail himself, their implementation has proved especially difficult in the financial field.
De bør derfor enten ophæves eller udvides til også at gælde for alle økonomiske agenter i Fællesskabet.
The difficulty lies in the fact that financial activities are strictly regulated in all Member States on grounds of public interest.
Forvridninger i kapitalbevægelser, som hovedsagelig kan tilskrives skattemæssige motiver a) Harmonisering af selskabsskatten
The Court of Justice has ruled that, in view of the special nature of some services provided, Member States could continue to subject the supply of such services on their territory to specific requirements imposed on suppliers in the absence of harmonization.1
Man kan ikke nå de ønskede resultater med liberaliseringen af kapitalbevægelser, hvis investeringsbeslutningerne fordrejes af, at der er betydelige forskelle mellem medlemsstaterne inden for selskabsbeskatningen, som får indvirkning på beslutninger vedrørende beliggenheden af virksomhedernes aktiviteter og placeringen af deres administrative hovedsæde, aktionærers og individuelle investorers beslutninger om det sted, hvor de ønsker at placere deres midler osv.
The measures proposed by the Commission for making the freedom of establishment and the freedom to provide services enshrined in the Treaty fully effective in the financial field, and thus for achieving the desired degree of financial integration, were based on the following approach:
Kommissionen fremsatte allerede i 1975 et direktivforslag om harmonisering af selskabsskat og kildeskat af udbytter.
(i) harmonization of the essential elements of prudential rules and standards;
En fuldstændig liberalisering af kapitalbevægelser indebærer risiko for øget skatteunddragelse og skattesvig.
(iii) on these bases, the principle of supervision by the country of origin: all the activities of financial institutions carried out in the Community — whether through a branch or through transfrontier suppliers — must be supervised by the Member State in which the head office is established.
Investorer kan lade afkastet af deres pengeanbringelser indsætte på bankkonti uden for deres hjemland, hvilket øger risikoen for, at sådanne ind-
This strategy has been adopted for all financial sectors: banking, the stock exchange and insurance.
SEK(90) 601 endelig udg. af 20. 4. 1990.
Work has still to be completed in the other two sectors.
Denne risiko er særlig stor i forbindelse med renteindkomster, fordi en række medlemsstater enten ikke opkræver kildeskat eller også fritager valutaudlændinge for kildeskat.
Prior to publication of the White Paper, some headway had already been made in harmonizing the banking legislation in force in the Member States.