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Ministers discussed a proposed European deposit insurance scheme, implementation of the banking union, the prevention of terrorist financing, taxation and the European Semester.

Corporate taxation

The Council took a number of decisions on corporate taxation.
It adopted a directive on cross-border tax rulings, which will improve transparency on tax rulings given by member states to companies about how taxation will be dealt with.

"Adopting this important directive in a short period of time was a top priority for the Luxembourg presidency."

Pierre Gramegna, Minister for Finance of Luxembourg and the President of the Council

“Adopting this important directive in a short period of time was a top priority for the Luxembourg presidency”, said Pierre Gramegna, minister for finance of Luxembourg and president of the Council. "Europe is now sending a strong signal for greater equity in taxation of businesses worldwide."

The Council discussed interrelated measures aimed at preventing corporate tax evasion. It adopted conclusions on the future of a code of conduct on business taxation and on implementation of OECD work on tax base erosion and profit shifting (BEPS). It also reviewed progress on international anti-BEPS aspects of a proposal for an EU common consolidated corporate tax base.

"We have achieved a quantum leap in the technical discussions on this dossier", Mr Gramegna said. "It is proof of our commitment to implement the OECD's BEPS recommendations in a swift and coordinated manner."

Capital markets union

The Council endorsed an agreement reached at committee level on the development of a securitisation market in Europe, part of broader plans for a capital markets union.

The proposals, to be negotiated with the European Parliament, will help free up additional sources of finance, particularly for SMEs and start-ups.

"The securitisation market has stalled, and if we are to revitalise it we must proceed quickly", Mr Gramegna said. "We consider this dossier to be of crucial importance to the European economy."

Taxation agreements with Liechtenstein, San Marino and Switzerland 

The Council approved the conclusion of taxation agreements with Liechtenstein and Switzerland, and gave the go-ahead for an agreement with San Marino to be signed.

The three agreements will contribute to efforts to clamp down on tax evasion, requiring the automatic exchange of information on private savers. This will enable tax administrations to improve cross-border access to information on the financial accounts of each other's savers.

The agreement with San Marino was signed directly after the Council's meeting.

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