natgillin/translations-raw huggingface dataset:
De måtte være i stand til at imødegå virkningerne af en massiv tilstrømning af kortfristet kapital og sikre en effektiv håndhævelse af deres nationale lovgivning.
Two Member States (Spain and Ireland) took steps to limit or discourage certain capital movements but, since they were covered by transitional provisions, they were not required fully to deregulate capital movements.
Uanset hvad der gøres for at styrke det pengepolitiske samarbejde mellem EU-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.
The principle of the complete liberalization of capital movements does not preclude the application of national laws and regulations relating to such movements.
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.
It is unnecessary to list here all the different fields in which such national laws or regulations apply. It is sufficient to mention tax and statistical rules, domestic rules and regulations governing the financial system, and rules on consumer protection.
I betragtning af dette anerkendte direktivet 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).
For instance, the supply of services by a financial intermediary of a Member State on the territory of another Member State may be made conditional by the host country on the observance of certain national rules laid down in the interests of consumer protection.
— fastsættelse af bestemte reservekoefficienter for deres udenlandske tilgodehavender eller forpligtelser
Similarly, notification procedures may be introduced for capital movements to and from other countries for the purposes of administrative or statistical information.
— 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.
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).
For at undgå, at medlemsstaterne under påskud af pengepolitiske hensyn indførte skjulte restriktioner for kapitalbevægelser, havde direktivet desuden fastsat en »EFovervågningsprocedure« — medlemsstater, der traf sådanne foranstaltninger, skulle for inden give Kommissionen og Centralbankchefkomitéen underretning herom.
There was no getting away from the fact that the Member States did not all embark on the task of completely liberalizing capital movements from the same starting point. Several Member States lagged behind the rest in terms of the degree of monetary and financial integration attained in the European Union.
Kommissionen ville da kunne skride ind med hjemmel i traktaten for at få disse restriktioner ophævet eller ændret, hvis den skønnede, at de var mere vidtgående end strengt nødvendigt. digt.
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.
Faktisk gav ingen medlemsstat Kommissionen underretning om, at den havde udnyttet denne mulighed i direktivets artikel 2.
In such cases, radical measures to liberalize capital movements posed a serious threat to the necessary recovery programme.
Derfor var der i direktivet indført en særlig beskyttelsesklausul, der skulle gøre det muligt for dem at imødegå sådanne trusler ved at regulere sådanne kortfristede kapitalbevægelser.
Until 31 December 1992 these countries could continue to apply, or could reintroduce, restrictions in force on 30 June 1990 on certain capital movements liberalized by the 1960, 1962 and 1986 Directives, and could defer liberalization of operations which, until adoption of the Directive, could be made subject to restrictions. tions.
Hvad angår fremgangsmåden, skulle der indhentes tilladelse til at anvende denne beskyttelsesklausul fra Kommissionen, som — efter høring af Det Monetære Udvalg og Centralbankchefkomitéen — skulle fastlægge de nærmere betingelser og vilkår.
Every effort must be made to prevent tax considerations from disrupting the smooth operation of capital markets.
I særligt hastende tilfælde kunne den pågældende stat dog selv træffe disse beskyttelsesforanstaltninger, på betingelse af at den straks underrettede Kommissionen og de øvrige medlemsstater
In the absence of any restrictions, capital movements may be determined more by considerations of a tax nature. These may play a part in again
Denne afgørelse kunne omstødes eller ændres af Rådet ved enstemmig beslutning.
Furthermore, they are apt to bring about a redistribution of tax revenue among Member States within the Union.
Nej, sagde Kommissionen. De eksisterende klausuler var ikke tidsbegrænsede og svarede ikke til den situation, der tænkes på, idet:
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.
Da artikel 73 er en undtagelsesbestemmelse, må den også fortolkes strengt.
Discriminatory measures providing an incentive to invest in domestic securities
— Klausulen i artikel 108 og 109 angår en situation, hvori en medlemsstat har »vanskeligheder eller alvorligt trues af vanskeligheder« med hensyn til sin betalingsbalance.
Governments in a number of Member States introduced tax arrangements for encouraging savings and promoting certain types of investment which directly or indirectly made it advantageous to purchase domestic securities.
Erfaringen viste — og dette er igen blevet bekræftet senere — at der kan opstå spændinger på valutamarkederne, selv om der ikke er tale om uligevægt på betalingsbalancen.
It should be noted, however, that little progress has so far been made at national level in abolishing such discriminatory arrangements.
Denne klausul og betingelserne for at gøre brug af den skulle tages op til fornyet overvejelse inden udgangen af 1992.
Distortions in capital movements due essentially to tax considerations
Selv om denne sikkerhedsklausul rent logisk syntes klart begrundet, må det konstateres, at ingen stat benyttede sig af den under den krise, som rystede EMS i 1992 og 1993. Nogle lande (Spanien, Irland) traf forholdsregler, som skulle begrænse eller modvirke visse kapitalbevægelser, men da de befandt sig i en overgangsperiode, var de ikke underlagt pligten til total liberalisering af kapitalbevægelser.
The liberalization of capital movements will not achieve its full impact if major differ ences in company taxation between Member States distort investment decisions regarding the siting of the company's operations and the location of its administrative head quarters, or decisions by individual shareholders and investors as to where to place their funds, etc.
Anvendelse af national lovgivning, herunder regler om indberetning
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.
Princippet om helt frie kapitalbevægelser er ikke til hinder for at håndhæve den nationale lovgivning over for disse kapitalbevægelser. Det tjener ikke noget formål her at opremse alle de områder, hvor nationale lovbestemmelser fortsat er gældende.
In view of the difficulties encountered in achieving such harmonization, it decided in April 19904' to withdraw its proposal and to concentrate instead, in the run-up to 1993, on what it considered to be strictly necessary for completing the internal market.
Vi vil blot nøjes med som eksempel at nævne skattelovgivning, statistiske bestemmelser, det finansielle systems interne organisation og forbrugerbeskyttelse.
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
Når et pengeinstitut eller en anden finansiel virksomhed udbyder finansielle tjenesteydelser i en anden medlemsstat, kan det andet lands myndigheder således kræve visse
Guidelines on company taxation: Commission communication to Parliament and the Council (SEC(90) 601 final of 20 April 1990).
nationale bestemmelser overholdt, herunder bestemmelser vedtaget af hensyn til forbrugerne. gerne.
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.
Medlemsstaterne vil fortsat kunne træffe de foranstaltninger, der er nødvendige for at imødegå overtrædelser af deres love og forskrifter.
In tandem with these measures, the Commission in December 1990 entrusted to a committee of independent experts chaired by Mr O. Ruding the task of examining the need, if any, for new Community initiatives.
Sådanne foranstaltninger og ordninger må imidlertid ikke lægge hindringer i vejen for kapitalbevægelser, der foretages i overensstemmelse med EF-retten (direktivets artikel 4).
On the basis of the report, the Commission embarked on a series of wide-ranging consultations with Member States' tax administrations and other interested parties that will serve as the basis for further proposals.45
Man kunne ikke se bort fra, at ikke alle medlemsstaterne befandt sig i samme udgangsposition til at klare denne sidste etape.
The removal of all restrictions on capital movements may lead to an increase in tax evasion and avoidance.
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.
Investors may arrange for their investment income to be paid into bank accounts held outside their country of residence, thereby increasing the risk of the income not being declared.
Under sådanne forhold kunne en radikal liberalisering af kapitalbevægelser gøre det over ordentligt vanskeligt at gennemføre det nødvendige saneringsprogram.
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.
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.
Such an increase in tax evasion is clearly undesirable both for reasons of equity and because of the financial loss to governments.
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: ser:
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)).
— For Spanien, Portugal, Grækenland og Irland blev der derfor indført en ensartet over gangsordning.
The Commission presented two proposals pursuant to this provision.47The first was designed to introduce a common system of withholding tax on interest payments made to
— For Portugal og Grækenland var der forudset mulighed for yderligere udsættelse ud over den 31. december 1992, dog højst i tre år.
42 Directives 90/434/EEC (mergers) and 90/435/EEC (parent companies/subsidies) (OJ L 225, 20.8.1990). " See OJ C 53, 28.2.1991.
Allerede før direktivets ikrafttræden blev der i Spanien (i januar og april 1990) truffet omfattende liberaliseringsforanstaltninger. De eneste transaktioner, der ikke blev frigivet, var finanskreditter og valutaindlændinges åbning af konti i udlandet.
" The report, entitled 'Report of the Committee of Independent Experts on Company Taxation', was published by the Office for Official Publications of the European Communities, 1992. 4!
31. december 1992 fandtes der inden for EF ikke længere restriktioner for kapital bevægelser bortset fra enkelte mindre begrænsninger i Grækenland.
46 Proposal for a Directive of 26 July 1993 amending Directives 90/434/EEC (mergers) and 90/435/EEC (parent companies/subsidiaries) (OJ C 225, 20.8.1993).
Den 21. december 1992 havde Rådet givet Grækenland bemyndigelse til indtil den 30. juni 1994 at opretholde restriktioner for visse kapitalbevægelser, dog kun for kontokuranter og indlånskonti, for kortfristede finanslån og -kreditter, for kapitalbevægelser af personlig karakter og
47 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).
ind- og udførsel af betalingsmidler ').
all Community residents.
Den 16. maj 1994 fjernede Grækenland de sidste restriktioner og liberaliserede kapitalbevægelserne helt, også overfor tredjelande.
Owing to opposition at the time from a number of Member States, a common system of withholding tax has not yet been introduced.
De kan endvidere medføre en omfordeling af skatteindtægterne mellem medlemsstaterne inden for Unionen.
Only legislation enacted by that Member State can be invoked to prevent such an exchange of information.
I en situation med frie kapitalbevægelser er der større mulighed for, at en medlemsstat indfører begrænsninger, der er skadelige for de andre EU-lande.
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.
Uden en samordnet harmonisering kan man befrygte, at den skattemæssige konkurrence landene imellem fører til, 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.
The Commission then took the view 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.
I nogle lande havde regeringerne indført skatteordninger med henblik på at fremme opsparing og visse former for pengeanbringelse, som medførte eller tog sigte på at begunstige køb af nationale værdipapirer.
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.
Sådanne foranstaltninger var ofte inspireret af legitime økonomiske mål, men de havde en diskriminatorisk virkning over for udenlandske værdipapirer.
In addition, the sometimes very strict rules on banking secrecy in force in some Member States restrict the scope for cooperation between the competent authorities in the Member States.
De burde derfor enten ophæves eller udvides til også at gælde for alle økonomiske agenter i Fællesskabet.
Finally, account must be taken as far as possible of the internal equilibrium of the income-tax systems in the various Member States.
Det må imidlertid konstateres, at der hidtil kun er opnået få resultater på nationalt plan med hensyn til at ophæve sådanne diskriminatoriske bestemmelser.
Following the introduction on 1 January 1993 of a withholding tax in Germany (generally 30%) and pressure from some Member States, this matter was taken up again by the Council in 1993 on the basis of the Commission's 1990 proposal for introducing a common system of withholding tax, but this time against a slightly more favourable background.
Forvridninger i kapitalbevægelser, som hovedsagelig kan tilskrives skattemæssige motiver a) Harmonisering af selskabsskatten
In this connection, the Council has highlighted two points:
Kommissionen fremsatte allerede i 1975 et direktivforslag om harmonisering af selskabsskat og kildeskat af udbytter.
The Treaty on European Union placed free movement of capital on a par with the other freedoms laid down in the Treaty of Rome.
Som følge af vanskelighederne med at gennemføre denne harmonisering besluttede Kommissionen i april 1990 ') at trække sit direktivforslag tilbage, idet den i perioden frem til 1993 ville koncentrere sig om de opgaver, den fandt mest nødvendige i forbindelse med gennemførelsen af det indre marked.
While incorporating into the Community constitution recent secondary legislation in this field, it also strengthened that legislation vis-à-vis third countries as part of the moves towards establishing economic and monetary union.
Hertil kommer, som fastsat i forslaget til statut for det europæiske selskab3), muligheden for at fradrage tab, der opstår i faste driftssteder i udlandet.
Since 1 July 1990, the date on which the Directive of 24 June 1988 came into force, all restrictions on such movements have been prohibited within the European Union. "
Sideløbende hermed gav Kommissionen i december 1990 en uafhængig ekspertkomité — den såkaldte Ruding-komité, der fik navn efter formanden — til opgave at undersøge, hvorvidt der var behov for nye EF-initiativer på området.
While free movement of capital is a key element in the completion of the single market, and more particularly in the smooth functioning of an integrated financial area, its importance is even greater in the context of EMU.
Ruding-komitéen foretog en økonomisk analyse, der bl.a. klarlagde en række skattemæssige skævheder og påviste visse risikomomenter for medlemsstaternes skatteprovenu og fremlagde en række henstillinger og generelle retningslinjer for et EF-initiativ4).
Indeed, it has to be regarded as one of the constituent elements of EMU since a single monetary policy cannot be conducted in a given territory without free movement of capital being guaranteed there.
På basis af Ruding-rapporten iværksatte Kommissionen en bred høring af de 12 EF-landes skattemyndigheder og andre berørte, som skal danne grundlag for nye forslag på området5).
It is therefore essential to ensure that, within EMU, no obstacle to free movement of capital exists or can be reintroduced.
Som følge af disse henstillinger har Kommissionen indtil i dag kun fremlagt to forslag til direktiv angående små ændringer til førnævnte direktiv af 23. juli 1990.
It is also expedient to affirm that principle clearly in relations with third countries, notably because the importance of a currency on financial markets is linked, among other things, to the freedom of movement of capital invested in that currency; the ecu, as the future Union currency, will not be exempt from that rule.
Ændringerne udvider direktivernes anvendelsesområde til alle virksomheder, der har grænseoverskridende aktiviteter inden for Den Europæiske Union6).
For these reasons, it was decided to replace the provisions of Chapter 4 of the Treaty of Rome (Articles 67 to 73) by new provisions (Articles 73b to 73g) that entered into force on 1 January 1994.
2) Direktiv 90/434/EØF (fusioner) og 90/435/EØF, EFT L 225 af 20.8.1990. !)
It reads as follows (Article 73b): b):
') Ruding-rapporten er offentliggjort af Kontoret for De Europæiske Fællesskabers Officielle Publikationer. ') Kommissionen har tilkendegivet sine første reaktioner på denne rapport i en meddelelse til Rådet og Europa parlamentet af 26. juni 1992, SEK(92) 1118 endelig udg.
41 Subject to the transitional arrangements permitting Spain, Ireland, Portugal and Greece to retain certain restrictions until 31 December 1992; Greece has been authorized to apply some of those restrictions until 30 June 1994.
Denne risiko er særlig stor i forbindelse med renteindkomster, fordi en række medlemsstater enten ikke opkræver kildeskat eller også fritager valutaudlændinge for kildeskat.
Within the framework of the provisions set out in this Chapter, all restrictions on the movement of capital between Member States and between Member States and third countries shall be prohibited.
Nogle medlemsstater har dog faktisk reduceret deres kildeskattesats til et niveau, der ligger tæt op ad den sats, som Kommissionen foreslog.
As from 1 January 1994, Article 73b of the Treaty guarantees free movement of capital and of payments within the European Union.49
Kommissionens andet forslag havde til formål at styrke det samarbejde mellem de nationale skatteadministrationer, der blev etableret ved direktiv 77/799/EØF af 19. december 1977, og som i det væsentlige er baseret på informationsudveksling.
The scope of this article was extended by the Agreement on the European Economic Area (EEA), which entered into force on the same date.50
Kommissionen skønnede, at det var nødvendigt at fastsætte, at en medlemsstat ikke kan påberåbe sig sin administrative praksis som begrundelse for at nægte at foretage en undersøgelse eller give oplysninger i de tilfælde, hvor den medlemsstat, der anmoder om oplysninger, kan anføre konkrete grunde til at antage, at en i dette land hjemmehørende valutaindlænding har overført betydelige midler til en anden medlemsstat uden at opgive indtægterne heraf.
The Agreement guarantees complete freedom of capital movements between the European Union, Austria, Finland, Iceland, Norway and Sweden, subject to a number of transitional periods for specific types of operation (investment in property, second homes, etc.).
Kun bestemmelserne i landets lovgivning kan være en hindring for en sådan informationsudveksling.
The wording of Article 73b calls for a number of comments.
På rådsmødet (økonomi- og finansministrene) den 18. december 1989 fik forslaget om en styrkelse af den gensidige bistand samt om andre foranstaltninger til bekæmpelse af skattesvig tilslutning fra alle medlemsstater med undtagelse af Luxembourg, som dermed bremsede EF-tiltag på dette område.
(i) The limits on the scope of the obligation to liberalize capital movements contained in former Article 67 have disappeared: the obligation is no longer subject to the condition 'to the extent necessary to ensure the proper functioning of the common market', while the word 'progressively' and the reference to the transitional period have been deleted.
Det må imidlertid konstateres, at det er vanskeligt at finde en løsning på dette problem.
" The sole restriction on this principle stems from Article 73e of the Treaty, which reads as follows: '...
Det er vigtigt at undgå, at de foranstaltninger, der træffes, ikke fremkalder kapitalflugt til tredjeland, ikke medfører rentestigninger og ikke resulterer i betydelige administrative byrder for de offentlige myndigheder eller for pengeinstitutterne.
Member States which, on 31 December 1993, enjoy a derogation on the basis of existing Community law shall be entitled to maintain, until 31 December 1995 at the latest, restrictions on movements of capital authorized by such derogations as exist on that date.'
Desuden begrænser reglerne om bankhemmelighed, der er meget stramme i nogle medlemsstater, samarbejdsmulighederne mellem medlemsstaternes kompetente myndigheder, og endelig bør der så vidt muligt tages hensyn til den interne ligevægt i indkomstskattesystemerne i de forskellige medlemsstater.
In point of fact, the scope of this Article is confined to the restrictions on specific capital movements which Greece was authorized to maintain in force until 30 June 1994 (see Section 3.1.2).
Under dette arbejde er der lagt vægt på to ting:
It must be taken for granted, however, that discrimination is prohibited.