EU Directive update

Posted on February 18 2011

A German magazine, NZZ (not available on line) ha noted that Austria is now holding out against reform of the European Union Savings Tax Directive. The reason? The deal being done between the UK, Germany and Switzerland on withholding taxes that preserves bank secrecy in Switzerland.

This is, of course, convenient politicking by Austria, which has been no firmed of the European Union Savings Tax Directive. But it is none the less significant. Why should the Swiss get such absurd and favourable treatment that only facilitates tax evasion?

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2 Responses

European Bear says:

February 18 2011 at 6:38 pm

I think this is the link to the article (German language). Austria is not alone, it is of course joined by Luxembourg in its resistance.

http://www.nzz.ch/nachrichten/wirtschaft/aktuell/eu-plaene_zur_zinsbesteuerung_bleiben_vorerst_blockiert_1.9545785.html

As you say, this is all politicking. Where I am sitting, Luxembourg, it is pretty much accepted that the EUSD will be reformed and that this haggling merely will serve to obtain concessions elsewhere.

Pedant alert: NZZ is Swiss.
Richard Murphy says:

February 18 2011 at 6:42 pm

@European Bear

Sorry! Mea culpa