Sirpa Pietikäinen (PPE-DE), in writing. – (FI) The revision of the Savings Tax Directive is an important part of the reworking of the financial architecture and the rules of the financial markets. The current directive is hopelessly out of date. It is relatively easy to circumvent, for example by using as intermediaries investment companies that the directive does not define as paying agents and which are, therefore, under no obligation to participate in the information exchange system. Likewise, it has been possible to arrange investment portfolios in such a way that income that is the equivalent of income on interest remains outside the definition, as a result of ‘repackaging’.

The reform is an attempt to address these problems. To solve the problem of intermediaries, the Commission is extending the definition of paying agent to include foundations and funds. There are also plans to include new, innovative products and, for example, certain types of life insurance policies in the directive.

It is far more difficult to include other new products. Unfortunately, it is extremely awkward to lay down definitions that would make it possible to include all income that might be compared to income from interest as an interest payment, especially when it is relatively easy to create new products. With regard to this, we should examine broadly how these products can best be regulated, before they are included in the directive. The Commission also means to put forward a proposal for an amendment to the Mutual Assistance Directive, which will also include reforms connected with the automatic exchange of information.

To avoid tax evasion, it is also vitally important that the three countries that are exempt from the current information exchange system – Belgium, Luxembourg and Austria – are included in the system the other countries employ. The rapporteur’s proposed deadline for this, which is 2014, should receive our full support.