Extract from European Council Conclusions – 29 June 2012

Tax policy should contribute to fiscal consolidation and sustainable growth. Work and 
discussions should be carried forward on the Commission proposals on energy taxation, 
on the common consolidated corporate tax base and on the revision of the Savings Tax 
Directive. As noted at the Council on 22 June 2012, the proposal for a Financial 
Transaction Tax will not be adopted by the Council within a reasonable period. Several 
Member States therefore will launch a request for an enhanced cooperation in this area, 
with a view to its adoption by December 2012. The Commission is pursuing work on 
concrete ways to improve the fight against tax fraud and tax evasion and will soon 
present an Action Plan including options to that end. Rapid agreement must be reached 
on the negotiating directives for savings taxation agreements with third countries. 
Member States participating in the Euro Plus Pact will continue their structured 
discussions on tax policy issues, notably to ensure the exchanges of best practices.