EC to tackle tax evasion

News Article - 14 November 2008
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The European Commission (EC) has taken steps to eliminate tax evasion, the body announced yesterday (November 13th).

A proposal to amend the Savings Taxation Directive has been adopted, which is aimed at removing loopholes through which tax evasion is possible.

The EC wants to enhance the directive so it can make sure that interest payments coming via intermediate tax-exempted structures cannot escape being taxed.

In addition, the EC is looking at reducing complexity in the actual operation of the directive, which it hopes will provide a "more user-friendly system and more efficient implementation".

The commissioner for taxation and customs, Laszlo Kovacs, explained that the first report on the directive's operations found that it could be "easily circumvented".

He said: "The current scope of the directive needs to be extended, in order to meet our goal of stamping out tax evasion, which affects the national budgets and creates disadvantages for the honest citizens."

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