Press Release: 3356th Council meeting Economic and Financial Affairs – Brussels, 9 December 2014

Main results of the Council
The Council approved two important measures contributing to EU efforts to prevent tax fraud and tax avoidance.

It agreed on a common anti-abuse clause to be included in the EU’s parent-subsidiary directive as part of efforts to clamp down on corporate tax avoidance. This will require governments to refrain from granting the benefits of the directive to arrangements put in place purely to obtain a tax advantage.

The Council adopted a directive extending the mandatory automatic exchange of information between tax authorities in order to prevent tax evasion and fraud by individual taxpayers. The directive is aimed at remedying situations where a taxpayer seeks to hide capital abroad or assets on which tax is due. It takes into account a global standard developed by the OECD and endorsed by the G20.

The Council agreed on a draft regulation calculating the contributions to be paid by banks to the EU's single resolution fund. The fund is being set up under a single resolution mechanism that has been set up to ensure the orderly resolution of failing banks.

Ministers took stock of progress on measures to create durable conditions for sustained growth and job creation in the EU. The Council adopted conclusions on finance for growth and the long-term financing of the European economy.

It discussed a proposed action plan on investment, as well as the work of a task force set up to identify potentially viable investment projects. The Commission's €315 billion investment plan foresees the creation of a European fund for strategic investment in 2015. The fund’s role will be to provide risk-bearing capacity that can unlock investments in energy, broadband and transport infrastructure, education, research and innovation, renewable energy and energy efficiency, and to back risk finance for SMEs.

ESO: Background information: FTT negotiations fall short of 2015 target http://www.europeansources.info/record/ftt-negotiations-fall-short-of-2015-target/

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