FBE urges ECOFIN to postpone Implementation of Savings Tax Directive

02 December 2002

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The European Banking Federation (FBE) calls upon members of ECOFIN to postpone the deadline for implementation of the proposed Directive on the taxation of savings at least until 1 January 2005. The FBE underlines that, if the Directive is adopted, each Member State will need considerable time to transpose it into national law and to adopt supplementary regulations and guidance. As for paying agents, i.e. banks, they will need at least 12 months to develop, test and implement systems and procedures to cope with a Directive which is complex and difficult to apply. The current proposal recommends that the Directive be implemented on 1 January 2004.

FBE press release

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