L 72/66 Official Journal of the European Union 11.3.2004 COMMISSION REGULATION (EC) No 448/2004 of 10 March 2004 amending Regulation (EC) No 1685/2000 laying down detailed rules for the implementation of Council Regulation (EC) No 1260/1999 as regards the eligibility of expenditure of operations co-financed by the Structural Funds and withdrawing Regulation (EC) No 1145/2003 THE COMMISSION OF THE EUROPEAN COMMUNITIES, (7)  For the sake of clarity and convenience, the Annex to Regulation (EC) No 1685/2000 should be replaced in its Having regard to the Treaty establishing the European entirety. Community, (8)  The regulatory provisions governing payments in Having regard to Council Regulation (EC) No 1260/1999 of 21 June 1999 laying down general provisions on the Structural Funds (!), and in particular Articles 30(3) and 53(2) thereof, After consulting the Committee set up pursuant to Article 147 of the Treaty, the Committee on Agricultural Structures and Rural Development, and the Committee on Structures for Fish- eries and Aquaculture, Whereas: (1) A common set of rules on eligibility is set out in the Annex to Commission Regulation (EC) No 1685/ 2000 (3. That Regulation entered into force on 5 August 2000. (2)  However, experience has shown that the eligibility rules need to be amended in several regards. (3)  In particular, it is appropriate to recognise the eligibility of charges for transnational financial transactions in the context of assistance under Peace Il and the Community initiatives, subject to deduction of interest received on payments on account. (4) It should also be made clear that payments into venture capital, loan and guarantee funds constitute expenditure actually paid out. (5) It should be made more explicit that the eligibility of VAT for co-financing does not depend on whether the final beneficiary is public or private. (6)  As regards rural development, it should be made clear that the rule whereby proof of expenditure may take the form of receipted invoices should apply, but without prejudice to specific rules established in Commission Regulation (EC) No 445/2002 of 26 February 2002 laying down detailed rules for the application of Council Regulation (EC) No 1257/1999 on support for rural development from the European Agricultural Guidance and Guarantee Fund (EAGGF) (*), where standard unit costs for certain investments in the forestry sector have to be determined. () OJ L 161, 26.6.1999, p. 1. Regulation as last amended by Regu- lation (EC) No 1105/2003 (O] L 158, 27.6.2003, p. 3). () OJ L 193, 29.7.2000. p. 39. Regulation as amended by Regulation (EC) No 1145/2003 (O] L 160, 28.6.2003, p. 48). () OJ L 74, 15.3.2002, p. 1. Regulation as last amended by Regulation (EC) No 963/2003 (O] L 138, 5.6.2003, p. 32). venture capital, loan and guarantee funds, and the elig- ibility of VAT have raised difficulties of interpretation. (99  Having due regard to the principle of equal treatment, and for the purpose of taking into account the costs attributable to transnational financial charges, the rele- vant rules should apply retroactively. (10)  Regulation (EC) No 1685/2000 was amended accord- ingly by Regulation (EC) No 1145/2003. In adopting that Regulation, however, requirements with regard to the committee procedure were not fully respected and in consequence Regulation (EC) No 1145/2003 should therefore be withdrawn. The present Regulation should therefore apply from the entry into force of Regulation (EC) No 1145]2003. (11)  The measures provided for in this Regulation are in accordance with the opinion of the Committee on the Development and Conversion of the Regions, HAS ADOPTED THIS REGULATION: Atrticle 1 Regulation (EC) No 1145/2003 is withdrawn. Atticle 2 The Annex to Regulation (EC) No 1685/2000 is replaced by the Annex to this Regulation. Atticle 3 This Regulation shall enter into force on the day of its publica- tion in the Official Journal of the European Union. It shall apply from 5 July 2003. The following points in the Annex shall apply from 5 August 2000: (a) in Rule 1, points 1.3, 2.1, 2.2, and 2.3; (b) in Rule 3, point 1; (c) in Rule 7, points 1 to 5.