The European Council has adopted amendments to the European Union Savings Directive 2003/48/EC extending its scope to cover investment funds pensions and innovative financial instruments as well as payments made through structures such as trusts and foundations. Member states will have until 1 January 2016 to transpose the directive into national legislation.
How is the EUSD being revised?
The EUSD is being strengthened by the adoption of a new directive aimed at enabling the member states to better clamp down on tax fraud and evasion. The EUSD requires financial institutions to report or withhold tax on interest payments. The text enlarges the scope of the EUSD and now covers new types of savings income and products that generate interest or equivalent income. It includes life insurance contracts as well as a broader coverage of investment funds. Tax authorities using a ‘look-through’ approach will be required...
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