Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-03-14-Speech-4-106"
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"en.20020314.6.4-106"2
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"Banking secrecy makes it appealing to have savings outside one’s own country as a means of evading income tax or property tax. The EU has been unable to solve this cross-border problem for the past 13 years. All proposals to make the existence of foreign capital visible to national tax offices have, further to opposition, subsequently been withdrawn. Precisely in this area, each Member State in the Council has the capacity to thwart a regulation. If a scheme is not put in place in time for the expected accession of ten new Member States in 2004, it will probably not enter into force in the foreseeable future. For me, this is a reason to approve the compromise whereby Belgium, Luxembourg and Austria can continue to levy tax at source for another seven years while the other Member States adopt a scheme for the cross-border exchange of information. Despite this, the problem is not completely solved by a long chalk, as long as wealthy people can transfer their capital to a separate legal entity which falls outside the scope of such an exchange of information.
I have noted that a majority of the Committee on Economic and Monetary Affairs wish to exempt this latter group, which contravenes the proposal of the rapporteur. In addition, the condition agreed among the ministers only to apply the scheme if, for example, Switzerland adopts the same scheme can, once again, lead to inertia."@en1
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