The Council discussed a draft decision aimed at giving a mandate to the Commission to negotiate amendments to agreements signed in 2004 with Switzerland, Liechtenstein, Monaco, Andorra and San Marino on the taxation of savings income.

The negotiations would aim to update the agreements to ensure that the five countries apply measures that are equivalent to an amended EU directive on the taxation of savings income.
The amendments to both the directive and the agreements are meant to improve their efficiency whilst reflecting changes to savings products and developments in investor behaviour since they were first applied in 2005.
In the light of reservations expressed by two delegations, the presidency suggested that the issue be included in a report to the European Council on tax issues that is scheduled for June. The report will cover ways to step up the fight against tax fraud and tax evasion, including in relation to third countries. Source