on the proposal for a Council directive amending Directive 2006/112/EC on the common system of value added tax as regards the rules on invoicing

(COM(2009)0021 – C6-0078/2009 – 2009/0009(CNS))

(Special legislative procedure – consultation)

The European Parliament,

–   having regard to the Commission proposal to the Council (COM(2009)0021),

–   having regard to Article 93 of the EC Treaty, pursuant to which the Council consulted Parliament (C6-0078/2009),

–   having regard to the Communication from the Commission to the European Parliament and the Council entitled "Consequences of the entry into force of the Treaty of Lisbon for ongoing interinstitutional decision-making procedures" (COM(2009)0665),

–   having regard to Article 113 of the Treaty on the Functioning of the EU,

–   having regard to Rule 55 of its Rules of Procedure,

–   having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Legal Affairs (A7-0065/2010),

1.  Approves the Commission proposal as amended;

2.  Calls on the Commission to alter its proposal accordingly, pursuant to Article 293(2) of the Treaty on the Functioning of the EU;

3.  Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

4.  Asks the Council to consult Parliament again if it intends to amend the Commission proposal substantially;

5.  Instructs its President to forward its position to the Council, to the Commission and to the national parliaments.

Amendment  1 Proposal for a directive – amending act Recital 4 Text proposed by the Commission Amendment (4) To help small and medium sized enterprises that encounter difficulties to pay the VAT to the competent authority before they have received payment from their customers, Member States should have the option of allowing VAT to be accounted using a cash accounting scheme which allows the supplier to pay VAT to the competent authority when he receives payment for a supply and which establishes his right of deduction when he pays for the supply. This should allow Member States to introduce an optional cash accounting scheme that does not have a negative effect on cash flow relating to their VAT receipts. (4) To help small and medium sized enterprises that encounter difficulties to pay the VAT to the competent authority before they have received payment from their customers, Member States should allow VAT to be accounted using a cash accounting scheme which allows the supplier to pay VAT to the competent authority when he receives payment for a supply and which establishes his right of deduction when he pays for the supply. This should allow Member States to introduce an optional cash accounting scheme that does not have a negative effect on cash flow relating to their VAT receipts. Justification SMEs should be given the option to simplify their invoicing systems. This is fully in line with the Small Business Act initiative. Amendment  2 Proposal for a directive – amending act Article 1 – point 7 a (new) Directive 2006/112/EC Article 91 – paragraph 2 - subparagraph 1 a (new)   Text proposed by the Commission Amendment   (7a) In Article 91(2), the following subparagraph is inserted after the first subparagraph:   "By way of derogation from the first subparagraph, Member States shall accept the exchange rate published by the European Central Bank on the day on which the tax becomes chargeable, or, if no exchange rate is published on that day, that published on the day before the tax becomes chargeable. Where neither currency is the euro, the exchange rate shall be calculated on the basis of the exchange rate between those currencies and the euro." Justification The requirement to use the ECB daily rate in case an invoice is issued in a currency other than that of the Member State in which tax is payable may place a high burden for businesses since they use commercial exchange rates for their operations anyway. Compulsory use of ECB daily rate might require adopting their accountancy system to two currencies. Amendment  3 Proposal for a directive – amending act Article 1 – point 8 Directive 2006/112/EC Article 167a – paragraph 2 – introductory part   Text proposed by the Commission Amendment 2. Member States may provide within an optional scheme that taxable persons must, when the following conditions are met, postpone the right of deduction until the VAT has been paid to the supplier: 2. Member States shall provide within an optional scheme that taxable persons must, when the following conditions are met, postpone the right of deduction until the VAT has been paid to the supplier: Justification SMEs should be given the option to simplify their invoicing systems. This is fully in line with the Small Business Act initiative. Amendment  4 Proposal for a directive – amending act Article 1 – point 9 – subpoint c Directive 2006/112/EC Article 178 – point f   Text proposed by the Commission Amendment (c) Point (f) is replaced by the following: deleted "(f) when required to pay VAT as a customer where Articles 194 to 197 or Article 199 apply, he must hold an invoice drawn up in accordance with Sections 3 to 6 of Chapter 3 of Title XI and he must comply with the formalities as laid down by each Member State."   Justification The requirement to hold an invoice that complies with formalities of 27 Member States in order to execute the right of deduction places an additional burden for suppliers. Amendment  5 Proposal for a directive – amending act Article 1 – point 14 Directive 2006/112/EC Article 219a   Text proposed by the Commission Amendment 1. The issue of an invoice shall be subject to the rules applying in the Member State which issued the taxable person concerned with the VAT identification number under which he made the supply. 1. The issue of an invoice shall be subject to the rules applying in the Member State where the VAT is payable. If no such number exists, the rules shall be those applying in the Member State in which the supplier has established his business or has a fixed establishment from which the supply is made or, in the absence of such a place of business or fixed establishment, in which he has his permanent address or usually resides or is otherwise required to be identified for VAT purposes. Where the VAT is not payable in the Union, the rules shall be those applying in the Member State in which the supplier has established his business or has a fixed establishment from which the supply is made or, in the absence of such a place of business or fixed establishment, in which he has his permanent address or usually resides.   Where the supplier issuing an invoice for a taxable supply of goods or services is not established in the Member State where the VAT is payable and the person liable for payment of the VAT is the recipient of the goods or services, the issue of invoice shall be subject to the rules applying in the Member State where the provider of goods or services is established or has a fixed establishment from which the supply is made.   If the supplier does not have an establishment in the Union, the issue of invoice shall not be subject to the provisions of this Directive. 2. Where a customer receiving a supply of goods or services is established in a Member State other than the Member State from which the supply was made and the customer is liable for the payment of VAT, the issue of invoice shall be subject to the rules applying in the Member State which issued the VAT identification number under which the customer received the supply. 2. Where the recipient of the goods or services issues an invoice (self-invoicing) and is liable for payment of VAT, the issue of invoice shall be subject to the rules applying in the Member State where the VAT is payable. Justification The Rapporteur proposes to simplify the rule and to clarify that where the supplier does not have an establishment in the Union, the issue of an invoice shall not be subject to the rules laid down in the Directive. Amendment  6 Proposal for a directive – amending act Article 1 – point 16 Directive 2006/112/EC Article 220a – paragraph 1 – point a   Text proposed by the Commission Amendment (a) where the taxable amount of the supply of goods or services is less than EUR 200; (a) where the taxable amount of the supply of goods or services is less than EUR 300; Justification To follow the intent of this Council's directive to reduce burdens on business and to follow Commission's ambitious Action Programme aimed at reducing administrative burdens on business in the EU by 25% by 2012 the ceiling for use of simplified invoices is too small. The increase of the ceiling to 300 EUR for the use of simplified invoices would reduce business burdens more and it would still not present risk to Member States' budgets. Amendment  7 Proposal for a directive – amending act Article 1 – point 17 Directive 2006/112/EC Article 221   Text proposed by the Commission Amendment Member States may impose on taxable persons an obligation to issue a simplified invoice in respect of supplies of goods or services other than those referred to in Article 220 where the place of supply of those goods or services is within their territory. 1. Member States may impose on taxable persons an obligation to issue an invoice on the basis of Article 226 or Article 226b in respect of supplies of goods or services other than those referred to in Article 220 where the place of supply of those goods or services is within their territory.   2. Member States may release taxable persons from the obligation laid down in Article 220 or Article 220a to issue an invoice in respect of supplies of goods or services which they have made in their territory and which are exempt, with or without deductibility of the VAT paid at the preceding stage, pursuant to Articles 110 and 111, Article 125(1), Article 127, Article 128(1), Articles 132, 135, 136, 375, 376 and 377, Article 378(2), Article 379(2) and Articles 380 to 390. Justification The Rapporteur proposes that Member States have the option to release taxable persons from the obligation to issue simplified invoices with respect to exempt supply. Amendment  8 Proposal for a directive – amending act Article 1 – point 17 Directive 2006/112/EC Article 222   Text proposed by the Commission Amendment An invoice must be issued no later than on the 15th day of the month following that in which the chargeable event occurs. An invoice must be issued no later than on the 15th day of the second month following that in which the chargeable event occurs. Justification For many sectors the time limits set by the Commission for issuing invoices when supplying goods or services is too short and extending the period for issuing invoices to 2 months after the chargeable event occurs is reasonable. Amendment  9 Proposal for a directive – amending act Article 1 – point 19 – subpoint a Directive 2006/112/EC Article 226 – point 4   Text proposed by the Commission Amendment (4) the customer's VAT identification number as referred to in Article 214; (4) the customer's VAT identification number as referred to in Article 214, under which the customer received a supply of goods or services in respect of which the customer is liable for payment of VAT, or received a supply of goods as referred to in Article 138; Justification The Rapporteur proposes to keep the original text of the VAT directive since the requirement of using customer VAT ID-No for domestic supplies could also imply an additional burden for business. Amendment  10 Proposal for a directive – amending act Article 1 – point 20 Directive 2006/112/EC Article 226b   Text proposed by the Commission Amendment Only the following details are required on simplified invoices issued pursuant to Articles 220a and 221: 1. Only the following details are required on simplified invoices issued pursuant to Articles 220a and 221: (a) the date of issue; (a) the date of issue; (b) identification of the taxable person making the supply; (b) identification of the taxable person making the supply, indicating that person's VAT identification number; (c) identification of the type of goods or services supplied and their value; (c) identification of the type of goods or services supplied and their value; (d) the VAT amount payable or to be credited, or the information needed to calculate it. (d) the VAT rate and the VAT amount payable or to be credited, or the information needed to calculate it;   (da) if the invoice issued is a document or a message that amends an initial invoice as referred to in Article 219, the specific and unambiguous reference to that initial invoice.   2. Member States may require that simplified invoices issued in accordance with Articles 220a and 221 include the following additional information with regard to specific transactions or categories of taxable persons:   (a) identification of the taxable person making the supply, indicating that person's name and address;   (b) the sequential number, based on one or more series, which only identifies the invoice;     (c) identification of the customer, indicating that customer's VAT identification number and name and address;   (d) where there is a VAT exemption, or where the customer is liable for payment of VAT, the details which are required under Articles 226 and 226a. Justification In order to maintain a balance between simplification procedures and effective controls Member States shall be able to impose strict invoice rules and thus prevent negative impact on revenue. Amendment  11 Proposal for a directive – amending act Article 1 – point 22 Directive 2006/112/EC Article 230   Text proposed by the Commission Amendment The amounts which appear on the invoice may be expressed in any currency, provided that the amount of VAT payable or to be credited is expressed in the national currency of the Member State in which the supply of goods or services takes place, using the exchange rate published by the European Central Bank for the day on which the tax becomes chargeable, or, if there is no publication on that day, the previous day of publication. The amounts which appear on the invoice may be expressed in any currency, provided that the amount of VAT payable or to be credited is expressed in the national currency of the Member State in which the supply of goods or services takes place, using one of the exchange rates referred to in Article 91. Justification This amendment aims at ongoing consistency with the exchange rate rule laid down in Article 91 (Compare amendment 1). Amendment  12 Proposal for a directive – amending act Article 1 – point 25 Directive 2006/112/EC Articles 233, 234, 235 and 237   Text proposed by the Commission Amendment (25) Articles 233, 234, 235 and 237 are deleted. (25) Articles 233, 234 and 235 are deleted. Amendment  13 Proposal for a directive – amending act Article 1 – point 25 a (new) Directive 2006/112/EC Article 237   Text proposed by the Commission Amendment   (25a) Article 237 is replaced by the following:   "Article 237   Each Member State shall submit to the Commission, by 31 December 2013, an evaluation report on the implementation of electronic invoicing. Those reports shall outline, in particular, any technical difficulties or shortcomings that taxable persons and tax administration have encountered, including an assessment of the impact of any fraudulent activities related to electronic invoicing as a result of the removal of the requirement to include EDI or the electronic signature in electronic invoices. By 1 July 2014, the Commission shall submit a report to the European Parliament and the Council together with appropriate proposals, on the basis of the Member States' evaluation reports." Justification The original article of the Directive states that invoices transmitted or made available electronically should be checked against integrity and authenticity. The advanced electronic signature and/or electronic data interchange (EDI) are the principal means to make this checkup and hence to curb the room for manoeuvre of abuse with the electronic invoicing. Amendment  14 Proposal for a directive – amending act Article 1 – point 29 Directive 2006/112/EC Article 244 –paragraph 3   Text proposed by the Commission Amendment The storage of an invoice shall be subject to the rules applying in the Member State in which the taxable person has established his business or has a fixed establishment from or for which the supply is made or, in the absence of such a place of business or fixed establishment, in which he has his permanent address or usually resides or is otherwise required to be identified for VAT purposes. An invoice may be stored in the same form in which it was received, whether paper or electronic. Alternatively, an invoice in paper form may be converted into electronic form. In other respects, the storage of an invoice shall be subject to the rules applying in the Member State in which the taxable person has established his business or has a fixed establishment from or for which the supply is made or, in the absence of such a place of business or fixed establishment, in which he has his permanent address or usually resides or is otherwise required to be identified for VAT purposes. Justification It is important to state clearly and explicitly that paper and electronic invoices are equally valid. Storing invoices in paper form requires space, which costs money. Allowing storage in electronic form may make European businesses more efficient and reduce their administrative costs. Amendment  15 Proposal for a directive – amending act Article 1 – point 32 Directive 2006/112/EC Article 247   Text proposed by the Commission Amendment The taxable person shall ensure the storage of invoices for a period of six years. The taxable person shall ensure the storage of invoices for a period of five years. This Article is without prejudice to national provisions in areas other than VAT, laying down different mandatory storage periods for supporting documents including invoices. Justification It is important to state clearly and explicitly that paper and electronic invoices are equally valid. Storing invoices in paper form requires space, which costs money. Allowing storage in electronic form may make European businesses more efficient and reduce their administrative costs. Shortening the period that originals are kept on file also reduces the need for storage space. Amendment  16 Proposal for a directive – amending act Article 1 – point 34 Directive 2006/112/EC Article 248a   Text proposed by the Commission Amendment (34) In Section 3 of Chapter 4 of Title XI, the following Article 248a is inserted: deleted "Article 248a   For control purposes, the Member States in which the tax is due may require particular invoices to be translated into their official languages."   Justification Requesting Member States to translate some invoices into their official languages may represent an important burden especially on small businesses. Amendment  17 Proposal for a directive – amending act Article 1 – point 36 a (new) Directive 2006/112/EC Title XIV – Chapter 4a (new)   Text proposed by the Commission Amendment (36a) The following chapter is inserted after Article 401:   "Chapter 4a   E-administration   Article 401a   In order actively to develop effective and reliable e-administration in the field of VAT, the Commission shall evaluate existing e-administration measures and tools in the Member States and foster the exchange of best practices among them in this domain. In addition, the Commission shall use the Community programme to improve the operation of taxation systems in the internal market (Fiscalis 2013), established by Decision No 1482/2007EC of the European Parliament and of the Council1 together with other existing Union funding such as the Structural Funds to provide technical assistance to Member States most in need of upgrading their e-administration through access to and use of major trans-Union information technology systems.   1 OJ L 330, 15.12.2007, p. 1. Justification Effective and reliable e-administration shall be based on Member States best practices, supported by Fiscalis programme and existing EU funding.

Introduction

The Invoicing Directive which has now been incorporated into the VAT Directive did not fully meet the aim of simplifying, modernising and harmonising the rules on VAT invoices. The various options that have been made available to Member States have led to a less than harmonised set of invoicing rules. This is extremely clear especially in the context of the rules that are in place for e-invoicing

The Commission proposal

The Commission is aiming at:

•       Simplifying the legislation and administrative procedures for EU and national public authorities as well as private parties.

•       Removing legal barriers in the internal market for VAT invoices.

•       Simplifying the information obligations for businesses which will reduce the administrative burden.

•       Encouraging businesses to take on the cost effective and efficient e-invoicing.

In order to achieve the above the Commission aims at reducing burdens on business by introducing a set of harmonised rules on invoicing by reducing the options allowed for Member States, and by ensuring the acceptance by tax authorities of electronic invoices under the same conditions as applied for paper invoices.

The Proposal will also be of benefit to SMEs as it will allow for the use of simplified invoices, including tho se for smaller amounts which are particularly important to SMEs, and will also give all Member States the opportunity to allow SMEs to account for VAT on a cash basis under a cash accounting scheme.

With this Proposal, the Commission expects to increase the use of e-invoicing by removing legal obstacles to the transmission and storage of e-invoices.

Furthermore, the Proposal aims at tackling fraud by introducing more stringent rules on the role of the invoice in VAT deduction and by enabling speedier exchange of information on intra-community supplies.

Specific aspects of the proposal

Chargeability to tax for intra-Community supplies

The Commission proposes to simplify the rules on the chargeability to tax for intra-Community supplies. The aim is to create a single date on which the tax becomes chargeable. This will be that of the chargeable event as determined by the time of the supply. By requiring the invoice to be issued by the 15th day of the month following the chargeable event, the invoice will still remain the principle document evidencing the intra-Community supply. Furthermore, the date of the chargeability to tax for intra-Community acquisitions is amended so as to correspond with the intra-Community supply.

Right of deduction

The proposal links the right of deduction to the requirement to hold an invoice for deduction. In doing so, the Commission wants to ensure equal treatment between the requirements of the supplier to issue an invoice and the customer to hold an invoice in order to exercise his right of deduction.

Issuance of an invoice

There is some ambiguity at present regarding in which Member State the rules on invoicing are applicable. This causes certain difficulties for businesses. A taxable person making supplies in which the tax is due in another Member State would have to meet the conditions on invoicing in the other Member States and these rules may be different to the Member State where he is established. The proposal aims to resolve the problem by creating a set of harmonised rules for Business to Business (B2B) invoices with the consequence that a taxable person issuing an invoice from where he is identified for VAT will have legal certainty that the invoice is valid throughout the EU.

Contents of an invoice

The proposal aims to create a two tier system of invoicing. Firstly there is a full VAT invoice which is a compulsory invoice containing an extensive set of details for B2B supplies when there is the likelihood that the customer will be exercising a right to deduction. Secondly, there is the option, or in certain cases the requirement, for a simplified invoice.

Regarding a full VAT invoice, there are three notable changes to the current requirements in Article 226 of the VAT Directive:

–       requirement for the supplier to state on the invoice the customer’s VAT identification number

–       the second change is that the date of the supply of goods or services is replaced by the date the tax becomes chargeable. In this way the recipient of the supply knows in what period he can exercise his right of deduction.

–       the third change relates to reverse charge supplies: the supplier will be able to omit the VAT rate and the VAT amount payable from the full invoice when the supply takes place in another Member State.

Another change which is worth mentioning concerns the exchange rate to be used for expressing the amount of VAT payable or to be credited in the national currency of the Member State in which the supply of goods or services takes place. The Commission proposes to use the exchange rate which is published by the European Central Bank.

As regards e-invoicing, as already stated, the Commission proposes to put paper invoices and e-invoices on equal foot.

Finally, the proposal sets out a common EU time period of 6 years for which invoices must be stored. This allows uniformity for the exchange of invoices between Member States.

Some issues for discussion

Your rapporteur has a global positive assessment of the proposal. There are, however, a number of issues that he would like to bring to the ECON members attention.

In the course of his examination of the original proposal by the Commission, your rapporteur noticed that some proposed measures could create problems for certain tax administrations as these could impact negatively on the ways certain controls are performed, especially in small member states. This could have a negative impact on revenue. The rapporteur feels that it is important that a balance should be found between simplification procedures and effective controls to be made by tax administrations taking into consideration also the issue of economies of scale. Therefore, your rapporteur proposes no to prevent Member States to impose strict invoice rules such as, for example, the requirement for registered retailers to issue a receipt out of a fiscal cash register that is approved by the tax authorities. In like vein, your rapporteur also proposes that tax authorities be granted the option to request additional formal requirements (e.g. sequential numbers) for simplified invoices

As regards the requirement to hold a valid invoice in order to be able to use the right of deduction, concerns have been expressed as to whether such rule could create difficulties for honest businesses receiving goods or services from outside the EU, since non EU suppliers are not necessary familiar with VAT invoicing in the EU. Similar issues arise with regard to the requirement to issue VAT invoices for exempt supplies in all cases, bearing in mind that Member States where invoices are not currently required for exempt supplies, would have to introduce costly changes to systems to produce invoices.

The question also arises whether the requirement to use the ECB daily rate in case an invoice is issued in a currency other than that of the Member State in which tax is payable could place a huge burden on businesses.

As the new rules on the issue of invoices, your rapporteur suggests to limit as much as possible the administrative burden for suppliers, by clarifying that in a certain number of cases the issue of invoice shall be subject to the rules applying in the supplier's Member State. It would be also appropriate to clarify that in the case where the supplier does not have an establishment in the Community from which the supply is made, the issue of invoice shall not be subject to the rules laid down in this Directive. This will certainly facilitate the correct implementation of the rules on the deduction of input VAT

As regards the requirement to use customer VAT ID-No for domestic supplies, such a measure could also imply an additional burden. At this moment, an important number of Member States do not require the VAT number of the customer for domestic supplies.

Finally, it is of crucial importance for the good functioning of the system that Member States where the introduction of new IT technologies in the taxation area is not yet fully implemented are given the necessary support, either via the existing FISCALIS programme or through other funding possibilities.

Conclusion

The rapporteur welcomes the Commission's proposal as a positive step towards bringing clarity and legal certainty both for taxable persons and for the administrations, whilst providing additional means to fight against VAT fraud.

SHORT JUSTIFICATION

Background

In the Directive on the common system of value added tax, the rules on invoicing, which are to be amended under the Commission’s proposal, take up relatively little space. However, invoices are a core component of the system of value added tax, since they are important proof of tax payment for the deduction of VAT and therefore have a key role in commercial exchanges.

However, the current rules on invoicing lead to unnecessary administrative burdens and have mostly not proven their worth in practice. Numerous complaints by economic operators have incited the Commission to revise the rules on invoicing. Firstly, simpler rules and partial harmonisation are planned in order to facilitate cross-border business for companies. Secondly, it is proposed to take technological advances into account by abandoning the distinction between electronically transmitted invoices on the one hand and paper invoices on the other hand. As important proof of tax payment, invoices also have an important function for tax authorities. The Commission proposal therefore provides for simplified measures for combating VAT fraud in this context.

Position of the rapporteur

The rapporteur supports the Commission proposal’s reasoning and objectives. Unnecessary administrative burdens are costly for companies, they hamper growth and inhibit innovation. The proposed measures will above all contribute to the simplification of business for SMEs.

In particular, the planned removal of the requirement that electronic invoices should bear an advanced electronic signature or be transmitted by EDI is welcomed. The future equal treatment of electronic invoices and paper invoices will lead to increased use of electronic invoicing and thus provide companies with a great potential to reduce costs. The rapporteur does not believe that only electronic signatures or EDI provide sufficient protection from tax fraud. Firstly, the invoice is not the only document which permits inferences to be made regarding the actual existence of a transaction. Secondly, many companies have already included safety measures in company procedures in order to guarantee the safe electronic transmission of data. Thirdly, fraudulent activities cannot be prevented even by the currently existing higher requirements. Ultimately, the regularity of tax operations can only be verified by an audit of the company.

In view of the Commission’s announcement of prospective savings amounting to EUR 18 billion, your rapporteur criticises the Commission for not submitting in advance a comprehensive impact assessment providing an explanation for the basis of the calculation of the amount of savings. As the rapporteur’s understands it, the Commission has thereby acted contrary to its own guidelines of January 2009 on carrying out impact assessments.

The rapporteur is also of the opinion that the proposed reformulation of Article 249 cannot be accepted. In the current version, the article only allows authorities of a Member State in which a taxable person is established to electronically access the latter’s data storage devices. The same applies where taxable persons keep their tax documents in a Member State other than their Member State of establishment. In those exceptional cases in which a taxable person is taxable outside the Member State of establishment, the relevant Member State must rely on mutual assistance to investigate suspicious cases. This should remain so.

However, under the Commission proposal, electronic data access would in future be possible even in the exceptional cases mentioned above. For example, under this proposal, German tax authorities would in future be permitted to electronically access data of a company established in Belgium if it became taxable in Germany. This would for the first time create the possibility for a Member State to gain electronic access to the tax operations of a company established in another Member State. It is difficult to imagine how electronic access to specific data is possible without at the same time consulting data that is not relevant to the tax operation in question.

Whilst your rapporteur recognises that it is necessary to combat fraud efficiently, this cannot justify such sweeping cross-border rights to encroach on the economic freedoms of companies. There must be an appropriate balance between the objective of combating fraud on the one hand and the objective of protecting data on the other hand. The Commission has also not explained why such far-reaching intervention is deemed necessary.

AMENDMENTS

The Committee on Legal Affairs calls on the Committee on Economic and Monetary Affairs, as the committee responsible, to incorporate the following amendments in its report:

PROCEDURE