Press Release: Economic and Financial Affairs Council, Brussels, 8 July 2014

The ECOFIN Council, Brussels, 8 July 2014 discussed the Italian presidency's work programme for economic and financial affairs, and issued a statement on economic growth and reforms.

The Council adopted an amendment to EU tax rules that will prevent the double non-taxation of dividends distributed within corporate groups deriving from hybrid loan arrangements. It thereby closed a loophole that until now has allowed corporate groups to exploit mismatches between national tax rules so as to avoid paying taxes on some types of profits distributed within the group.

The Council adopted recommendations to the member states on their economic and fiscal policies, following endorsement by the European Council, thus concluding the European Semester process for 2013-2014. It also issued a specific recommendation for the eurozone as a whole.

• Primary Source

ESO: Background information: Council statement. Follow-up discussion on growth and reforms Economic and Financial Affairs Council, Brussels, 8 July 2014 http://www.europeansources.info/record/council-statement-follow-up-discussion-on-growth-and-reformseconomic-and-financial-affairs-council-brussels-8-july-2014/

ESO: Background information: Council adopts amendment closing tax loophole for corporate groups http://www.europeansources.info/record/press-release-council-adopts-amendment-closing-tax-loophole-for-corporate-groups/

ESO: Background information: Council issues recommendations to member states on their economic and fiscal policies http://www.europeansources.info/record/press-release-council-issues-recommendations-to-member-states-on-their-economic-and-fiscal-policies/

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