Thursday, November 10, 2005

Closing the loopholes in the EU Savings Directive

Slowly and one by one, the EU Commission is perhaps going to tackle the loopholes of the Savings Directive. At least to try to make this instrument more effective. In a recent a speech, EU tax commissioner, Laszlo Kovacs, said that the European Commission plans to work with financial centres outside of the EU, such Hong Kong and Singapore, to encourage them to adopt measures contained in the Savings Directive. That extension would already curb one clear example where the Directive failed.

But what about other issues like for example the controversy about the definition on beneficial owner, and what is covered and what is not?. As pointed out by several practitioners, for example trustees are not dealt with by the E.U. Directive. In fact, it is not clear why such an important instrument is not considered giving the magnitude of investment income collected and distributed by trusts.

2 Comments:

Blogger wessez said...

You've got a great blog here. Myself, I will be starting a blog shortly to complement my website on offshore hedge funds.

11 November, 2005 00:35  
Blogger Chirp88 said...

Hi Tiago Cassiano Neves, I am cruising the blogs looking for any information on Domain Business and landed here. Although Closing the loopholes in the EU Savings Directive is interesting and got my attention, I will add this knowledge to my storehouse of information. I never know where Domain Business will take me. Have a great day!

11 November, 2005 07:16  

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