At the ECOFIN Council meeting on 11 March, the ministers have debated their negotiation position on the SRM, the savings income tax directive and other issues. Regarding the SRM, several negotiation rounds with the MEPs are scheduled before the last EP´s plenary before the May elections and both the EP and the Council are willing to adopt the SRM regulation before the end of the current parliamentary term. In order for the negotiations to be successful, the ministers have adjusted their negotiating position. Regarding the savings income tax directive, the ministers have adopted a provisional version that will be presented to the European Council during the March meeting and if endorsed by the heads of state or government, the ministers will formally adopt it at a future ECOFIN meeting. The directive introduces new measures to prevent circumvention and broadens its scope to new types of savings income, such as life insurances or more types of investment funds. The directive is intended to be a measure in the continuing fight against tax fraud and evasion. It will need to be adopted unanimously. The ministers have further discussed the follow-up of the G20 ministerial meeting in Sydney and the proposed 2030 energy and climate framework.

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