Could this be the week we get a new European Union Savings Tax Directive?

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European Voice reports:

Officials are hoping that next week's (17 May) meeting of finance ministers will at last see movement on the EU's plans to harmonise savings taxation, and the issue of banking secrecy that has become the stumbling block in the talks.

Amazingly, a new obstacle has emerged after Austria and Luxembourg appear to be allowing progress:

But just as these two countries appear ready to allow progress, a new obstacle has arisen from a threatened Italian veto. Italy's concern is of a different nature — relating to its wish for changes in the way that savings taxes recovered from member states are distributed. Officials from Hungary have written to the Italian government urging it to back down before the meeting on May 17.

My suspicion is the publicity suggests there is a belief a deal can be done.

If so this will be a good week for tax justice.

And a bad week for tax cheats.

And an especially bad week for tax havens.

Fingers crossed.

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