EU Tax Harmonisation
On January 21, 2003, the EU council met to discuss the EU Savings Directive. The aim of this Directive is to reach an agreement with Switzerland, with regards to applying a withholding tax to member state citizens. A transition period has been suggested, from the 1 January 2004 to 1 January 2007.
Presently, the EU is looking to establish similar agreements with Liechtenstein, Monaco, San Marino, and Andorra, and other jurisdictions, such as the Channel Islands, are looking at the exchange of information option.
How this will effect the offshore industry is uncertain at this very early stage. As soon as further updates are available, they will be posted on this site.