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EU directive on savings income

Date: 16th April, 2014   |   Author: Cathy Corns   |   Comments: 0

The directive requires member states to exchange information automatically to enable interest payments made in one state to residents of another state to be taxed in the state of tax residence.  It should enable member states to clamp down on tax fraud and evasion.

The directive covers savings income and products that generate interest or equivalent income, including life insurance contracts and investment funds.

Member states have until 1 January 2016 to adopt the necessary legislation to comply.

 

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