EU Savings Directive: will they or won’t they agree the revisions?

Paul Radcliffe

The European Commission has long been trying to deliver revisions to the Savings Directive (EUSD) but has again failed to receive the needed unanimous approval at the two recent ECOFIN meetings on 15 November and 10 December 2013. This is somewhat surprising given that at the May 2013 European Council meeting the EU leaders called for the adoption of the revised EUSD by the end of 2013.

By way of background the EUSD came into force on 1 July 2005 and is broadly aimed at countering cross-border tax evasion by creating an information exchange system to report individuals that receive savings income (broadly interest) in a member state other than their own. The need for revisions came out of a review of the effectiveness of the EUSD that concluded that material changes were needed inter alia to bring payments to legal entities and payments of interest equivalents within...

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