The EU’s Economic and Financial Affairs Council (ECOFIN) has announced that it has repealed the savings taxation directive (directive 2003/48/EC). Since 2005, the directive – which was last amended in 2014 – allowed tax administrations better access to information on private savers.
The EU’s Economic and Financial Affairs Council (ECOFIN) has announced that it has repealed the savings taxation directive (directive 2003/48/EC). Since 2005, the directive – which was last amended in 2014 – allowed tax administrations better access to information on private savers. However, following recent EC moves to strengthen measures to prevent tax evasion, a significant overlap had developed with other legislation in this field, and the repeal eliminates that overlap. The repeal was part of a tax transparency package presented by the EC in March 2015.
In December 2014, the Council adopted directive 2014/107/EU, amending provisions on the mandatory automatic exchange of information between tax administrations. It extended the scope of that exchange to include interest, dividends and other types of income. Directive 2014/107/EU will enter into force on 1 January 2016, and is generally broader in scope than directive 2003/48/EC. It provides that in cases of overlap of scope, directive 2014/107/EU is to prevail.
The EU’s Economic and Financial Affairs Council (ECOFIN) has announced that it has repealed the savings taxation directive (directive 2003/48/EC). Since 2005, the directive – which was last amended in 2014 – allowed tax administrations better access to information on private savers.
The EU’s Economic and Financial Affairs Council (ECOFIN) has announced that it has repealed the savings taxation directive (directive 2003/48/EC). Since 2005, the directive – which was last amended in 2014 – allowed tax administrations better access to information on private savers. However, following recent EC moves to strengthen measures to prevent tax evasion, a significant overlap had developed with other legislation in this field, and the repeal eliminates that overlap. The repeal was part of a tax transparency package presented by the EC in March 2015.
In December 2014, the Council adopted directive 2014/107/EU, amending provisions on the mandatory automatic exchange of information between tax administrations. It extended the scope of that exchange to include interest, dividends and other types of income. Directive 2014/107/EU will enter into force on 1 January 2016, and is generally broader in scope than directive 2003/48/EC. It provides that in cases of overlap of scope, directive 2014/107/EU is to prevail.
