According to information released on 21 March 2014 the European Council has given the go ahead to the amended Savings Tax Directive. Luxembourg agreed to the proposed changes and this removed the final obstacle to the adoption of the revised Directive. This will require increased information sharing and more effective tax measures in respect of interest payments by financial institutions to residents of other member states. The requirement for the automatic exchange of information would therefore be broader. The revised Directive will be adopted when it has been enacted at EU level and then transposed into the national law of each member state.
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