Loopholes exposed in savings directive

Private citizens are exploiting numerous loopholes in the European Union’s rules on savings taxation so as not to pay tax on interest income, according to a European Commission report presented to EU finance ministers on the 14 May 2008. The Ecofin Council took note of the informal interim assessment by the Commission of the functioning of
Directive 2003/48/EC on the taxation of savings income.

Council of the European Union: Press Release: PRES/08/113: Council Conclusions on Taxation of Savings http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/100339.pdf

ESO: Background information http://www.europeansources.info/record/loopholes-exposed-in-savings-directive/

---