Background:
The arrangement on savings tax forms part of the "tax package", which consists of three elements: tax on savings, taxation of interests and fees paid between associated companies and a code of conduct for business taxation. At the Feira summit it had been agreed to link the adoption of the tax package to the conclusion of negotiations with certain third countries (Switzerland, Liechtenstein, Monaco, Andorra, San Marino and the United States). These negotiations should lead to "similar measures" as the EU on a tax package by these third countries to prevent a "capitals drain" to "tax havens". Tax decisions require unanimity by EU countries.