Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-30-Speech-2-097"
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"en.20040330.4.2-097"2
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".
Although I harbour fundamental reservations about the process of tax harmonisation, I believe we must establish forms of coordination, in particular as regards avoiding tax on cross-border flows of capital and I am, therefore, a firm advocate of abolishing banking secrecy and of putting an end to tax havens.
The ultimate aim of Directive 2003/48/EC is to enable savings income in the form of interest payments made in one Member State to beneficial owners to be made subject to effective taxation, thus guaranteeing an equitable tax treatment of savings and Member States’ rights to tax their residents’ income, at European level, whilst at the same time removing artificial incentives to the flow of capital in the EU and beyond.
The desire of some Member States, particularly those with direct links to tax havens, to erode the tax base is at variance, however, with their desire to attract capital savings.
The most effective way of collecting savings income is to ensure the automatic exchange of information between tax administrations. In order to prevent capital flight, other countries must comply with the arrangements made and in this case, we are talking specifically about Switzerland. Unfortunately, difficulties remain in negotiations with other countries.
We must, however, go further. We must work on ways of coordinating taxation in order to tax capital movements and cross-border stock transfers at Community level."@en1
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