The EU’s Council of Economic and Finance Ministers (ECOFIN) met in Brussels on 10 December. One of the topics for discussion was a proposal to amend the Savings Tax Directive. The proposal aims to close loopholes and improve the functioning of the current rules, and is part of the European Commission’s plan to fight against tax fraud and evasion, as it will extend the scope of automatic exchange of information within the EU. Paul Radcliffe, director at EY, observed that, at the discussion, the EC ‘failed again to receive the needed unanimous approval … [However,] given the intense political will to reach agreement, it now seems only a matter of time before the revisions are agreed – and we may finally see this agreement next week.’
The EU’s Council of Economic and Finance Ministers (ECOFIN) met in Brussels on 10 December. One of the topics for discussion was a proposal to amend the Savings Tax Directive. The proposal aims to close loopholes and improve the functioning of the current rules, and is part of the European Commission’s plan to fight against tax fraud and evasion, as it will extend the scope of automatic exchange of information within the EU. Paul Radcliffe, director at EY, observed that, at the discussion, the EC ‘failed again to receive the needed unanimous approval … [However,] given the intense political will to reach agreement, it now seems only a matter of time before the revisions are agreed – and we may finally see this agreement next week.’
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