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Repeal of the EU Savings Tax Directive

Summary

The proposal aims to repeal the old Savings Tax Directive to prevent dual reporting burdens and align with newer EU standards for exchanging financial information.
10 18.11.2015
Other
economy
finance
taxation
european union
international relations

Key points

  • The proposal seeks to repeal the existing Savings Tax Directive to eliminate redundant reporting requirements for financial institutions.
  • The transition aims to align EU tax practices with newer directives and international OECD global standards.
  • There is a focus on updating bilateral agreements with non-EU countries like Switzerland, Liechtenstein, San Marino, Monaco, and Andorra.
  • The Commission is encouraged to facilitate updated agreements with twelve overseas territories to prevent tax loopholes.
Documents (PDFs)
Taxation of savings income in the form of interest payments: repealing the Savings Directive * REPORT on the proposal for a Council directive repealing Council Directive 2003/48/EC
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