The European Commission has adopted a report on the results of the European Savings Taxation Directive.
The report, which covers the period 2005-2010, shows that the quality and usability of data which Member States transmit to each other has improved, thanks to common EU rules on automatic exchange of information. It also provides practical suggestions to Member States’ tax administrations on how to make the current system even more transparent in the future. This includes, for example, details on how paying agents can complete data in a better way for the purpose of international reporting. The report also notes that loopholes in the current Savings Tax Directive continue to be exploited, for example, by increased use of new tax structures and new financial products designed to avoid tax liability. Such findings confirm the need to extend the scope of the EU Savings Directive and close such loopholes, in line with the Commission’s proposal, as soon as possible.
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