-In the following paper, the EACB formally states its position to the dispositions of the draft proposal for the Directive on taxation of savings income. The EACB states the following:
The draft Directive text fixes a number of information requirements, which have to be fulfilled by the paying agent towards the fiscal authorities of its Member State. One of the goals of the Directive should be to restrict the information requirements to be fulfilled by the paying agent as much as possible and not to create additional administrative burden, as there are already a great number a reporting requirement in relation with different Directives.
Unfortunately, the drafting of this Directive has not been used as an opportunity to eliminate discrepancies: the Directive definition of interest differs from those in the Member States. Also the threshold for taking into account interest stemming from UCITs is lower than the internationally accepted threshold of 50%.
The success of negotiations with key third countries with a view of introducing information exchange agreements comparable to the one defined in the draft Directive text should be mentioned as a condition “sine qua non” for the adoption of the Directive.
The full statement can be found on the EACB website
© EACB - European Association of Co-operative Banks
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