ANDORRA SAVINGS
November 1st, 2004
BY KEITH NUTHALL
THE EUROPEAN Union (EU) Council of Ministers has approved an agreement with Andorra, involving the co-principality imposing withholding taxes on bank accounts held by EU citizens. Andorra has chosen this policy rather than revealing interest payments to EU tax authorities, which was the alternative being offered by the European Commission. The agreement will help the EU impose a savings tax directive.
THE EUROPEAN Union (EU) Council of Ministers has approved an agreement with Andorra, involving the co-principality imposing withholding taxes on bank accounts held by EU citizens. Andorra has chosen this policy rather than revealing interest payments to EU tax authorities, which was the alternative being offered by the European Commission. The agreement will help the EU impose a savings tax directive.
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