The European Commission adopted a report on the results of the European Savings Taxation Directive, as it is required to do every 3 years. The report, which covers the period 2005-2010, shows that the quality and usability of data which Member States transmit to each other has improved, thanks to common EU rules on automatic exchange of information. It also provides practical suggestions to Member States' tax administrations on how to make the current system even more transparent in the future.

The economic analysis has shown that the updating of the Directive and the relevant Savings Agreements, in terms of product scope as well as transactions and economic operators covered, is urgently needed in order to address the existing possibilities for circumvention, including those arising from triangular situations which involve jurisdictions both within and outside the scope of the Savings Agreements. A consensus on the Proposal and the adoption of a negotiating mandate for equivalent improvements in these Agreements are necessary in order to promote transparency and good governance in tax matters both within and outside the EU.

More information: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0065:FIN:EN:PDF