The integration of european business law package in 1997, which was finally approved on 3 June 2003. New directives then appeared on the taxation of savings and royalty payments between related European companies. The Commission also maintained its objectives including promoting a system for corporation tax on a consolidated basis. Nevertheless, under pressure from Member States, it is now concentrating its efforts on measures to combat fraud or international tax evasion and enforce compliance with the Code of Conduct and regulations relating to state aid. b) Common tax system applicable to parent companies and subsidiaries of different Member States * Bases: the text that has applied since 18 January 2012 is Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (OJEU L 345/8 of 29 December 2011). * Objectives: the directive provides for exemption from withholding tax on dividends distributed and the elimination of economic double taxation on dividends received in the EU and on condition that certain conditions are complied with. c) Common tax system applicable to mergers, demergers and contributions of assets * Bases: the directive of 23 July 1990 (Directive 90/434/EEC, OJEC L 225 of 20 August 1990) laid down a common system applicable to the Member States, based on the following guiding principles: - To prevent the tax cost from constituting an obstacle to mergers, divisions and asset transfers between companies in different States; - Not to harm the interests of the State of the contributing company by safeguarding its rights for the future. * Objectives: the directive provides that mergers, divisions or partial divisions do not lead to the taxation of unrealised capital gains (principle of fiscal neutrality). d) Exemptions relating to intragroup interest and royalty payments * Bases: Council Directive 2003/49/EC was adopted on 3 June 2003 within the framework of the political agreement of 21 January 2003 on the "tax package". 380