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Council directive concerning the liberalization of transfers relating to invisible transactions not connected with the movement of goods, capital or persons. Information Memo P-32/63, August 1963

Publication Date
Disciplines
  • Economics
  • Law

Abstract

zuROPEAN ECONOMIC COMMUNITY OFFICIAL SPOKESMAN of tho Cornmlrllon ilJ, ovenuo de lc Jcyeusa Entrdo Erussels 4 Telophono 35.O0.40 August 1t5J P4a / 61 INFOBMATI-O}I MEMg council directive concerning the liberalization of transfers relating to invisible transactions not connected with the movement of goodsr capifsf or persons On July JO, t963 the Ccuncif adopted a direc',ive concerning the liberalization of transfers relating to inriisible transactions not con- nected with the movement of goodsr sel'vicesr capital or persons. fhe background to this dlrective may be summarized as fo-l-lows: Annex IIl to the Rorne Treaty consists of a list of invisi-bJe trans- actions most of which constitute payments relati-ng to the exchange of goods or services and to moven-.)r.!s of ca-pi-taI or persons. Under Article 106 (1 and 2), the liberal-ization of such payments is to keep pace with the liberalization of the trransactions to r,vhich they relate" 1h""" t"u, however n a fevr further types of transfer which by their nature are not conneCted. with such transactionsr and according to Articfe fO5(l) of the Treaty these are to be liberalized under the rufes relating to the supply of services. the list of transactions covered by the directive includes items relating to transfers connected with Government expenditure (u,g. con- tributions to interlatj-onal organizations, official representation abroad, periodic settlements in connection wi-th postal, telegraph and telephone services, consular receipts), transfers resulting from the fulfilnient of tegal obligations .e.8. payment of taxes'' maintenance pay- ments), transfers that can be regard-ed as complementary to economic act:-viiies (e.g. the cost of cer.tain bankin6 operations, differencesr margins,and deposits due in respect of operatrons on comnodity terminal markets ) . The transfers falling r,vithin the scope of this directive are of minor importance, and nearl-y all of them have ah:eady been liberalized in all Member States; however, t

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