5 Responses

1. John Buckles says:

   January 10 2010 at 10:00 pm

   Your link doesn’t work. I am told the latest version of the improved EU Savings Tax Directive is still in draft form and is yet to be sent out to those that implement it. The last version was full of inaccuracies and holes (from memory it targeted some companies in some jurisdictions but not in others!). I doubt you’ll see an updated EUSTD being implemented before 2012. I understand that a final version hasn’t been completed and isn’t due to be sent our until the second half of this year.
2. Richard Murphy says:

   January 10 2010 at 10:58 pm

   I am well aware the first draft had major holes in it

   I helped the parliament amend and correct it

   I believe many of my suggestions have been accepted
3. Jersey Girrl says:

   January 11 2010 at 10:59 am

   There is no doubt that a new EUSD will be introduced, and whether it is signed off by ECOFIN in the first half or second half of this year doesn’t matter much. Member states then always have two years to bring in any necessary implementation law, so the “go live” date will be 2012 or 2013 at the earliest.

   The reason that the new directive wasn’t agreed in December was Austrian folly. They don’t want to lose the withholding tax ‘transitional’ arrangements and kicked up too much of a fuss. For this type of measure a unanimous vote of 27 is needed.

   What is in the annexes etc. (e.g. Guernsey 0% companies) remains to be seen. As with most EU legislation of this type, it is unlikely that a new EUSD will fulfil its purpose anyway.

   BTW Richard, you must be aware that the parliament is completely ignored in these matters, so any Murphy amendments and corrections are irrelevant.

   The Girrl
   • Richard Murphy says:

     January 11 2010 at 11:01 am

     Girrl

     The parliament was ignored

     That is no longer true a) because it has to be involved now b) because I know what it ahs done has all been carefully noted within the Commission and accepted

     Richard
4. Mark says:

   January 11 2010 at 6:25 pm

   @Jersey Girrl
   The revised EUSD does not call for automatic exchange of info. This will only be implemented when Switzerland agrees, which will happen soon after hell freezes over.

   Austria and Lux did not agree to the EUSD revision without first getting Switzerland’s agreement on the amendments. The issue of nominee directors and shareholders is a valid concern. The Member states will have until the end of the 3rd calendar year after approval to adopt to directive, so Jan 2013 is earliest date possible.