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05 April 2022

Economic and Financial Affairs Council, 5 April 2022


Dombrovskis "...the implementation of the OECD agreement concerning the Pillar 2 of global taxation: We regret that agreement was not possible ... commend the French Presidency's outstanding work and commitment to make sure that there is consensus and agreement on this important file.

European economic and financial strategic autonomy

The Council adopted conclusions on the strategic autonomy of the European economic and financial sector. The current geopolitical context has made the concrete steps towards this objective even more crucial.

European financial architecture for development

The Council discussed the implementation of the 2021 Council conclusions on strengthening the European financial architecture for development, taking the example of the EBRD and EIB initiatives to provide financial support to Ukraine.

The discussion was based on a presentation on the current status of implementation of the European financial architecture for development given by the Commission, the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD).

Corporate taxation: fair and effective taxation for multinational groups

The Council discussed the work on the transposition into EU law of the global agreement reached at the OECD Inclusive Framework that multinationals should not pay less than 15% tax anywhere in the world.

The aim of the directive is to transpose into EU law the two-pillar reform of the rules on international corporate taxation, as agreed by the global OECD/G20 inclusive framework on base erosion and profit shifting (BEPS). This international agreement, which brings together 137 countries and jurisdictions, constitutes a major milestone towards an effective and fair system of profit taxation.

G20 and IMF meetings

The Council made preparations for the International Monetary Fund (IMF) spring meetings and agreed on the EU's mandate for the upcoming G20 meeting of finance ministers and central bank governors on 20 April.

Financial services legislation

The Commission gave a presentation on the state of play as regards the implementation of financial services legislation.

Other items

The Council adopted updated Value Added Tax (VAT) rules and a reinforced mandate for the EU’s Fundamental Rights Agency (FRA). It also adopted a decision authorising member states to sign the second additional protocol to the convention on cybercrime (Budapest convention). This protocol will improve cross-border access to electronic evidence used in criminal proceedings. All three items were adopted without discussion.

ECOFIN



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