SAVINGS TAX DELAY
July 1st, 2004
BY KEITH NUTHALL
THE SWISS government has agreed in principle to charging a flat tax on bank accounts held by European Union (EU) citizens, removing the last hurdle to the EU passing its long-debated savings directive. However, because Switzerland will hold a referendum on the issue, the European Commission has proposed delaying the legislation's launch date six months until June 2005. The directive aims at preventing harmful tax competition.
THE SWISS government has agreed in principle to charging a flat tax on bank accounts held by European Union (EU) citizens, removing the last hurdle to the EU passing its long-debated savings directive. However, because Switzerland will hold a referendum on the issue, the European Commission has proposed delaying the legislation's launch date six months until June 2005. The directive aims at preventing harmful tax competition.
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.