The Council discussed a proposed mandate that would enable 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 aim of the proposal is to update the agreements so as to ensure that the five countries apply measures that are equivalent to an amended EU directive on the taxation of savings income1. Amendments to both the directive and the agreements would set out to improve their effectiveness in terms of information exchange.

In June and October, the European Council called for agreement to be reached rapidly on the proposed negotiating mandate.

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