Press Release: Savings taxation: Commission welcomes signature of agreements with Liechtenstein, San Marino and Monaco

The European Commission welcomed the signature of agreements concerning the taxation of savings with Liechtenstein, Monaco and San Marino on 7 December 2004. These three agreements are a component of a new framework for co-operation in the field of direct taxation that includes not only the Directive on the taxation of savings adopted within the EU (see IP/03/787) but also agreements in the same field with several third countries and with the dependent and associated territories of Member States. All of these legal instruments were due to be applied simultaneously from 1 July 2005.