EC moves on tax evasion
The European Commission (EC) is seeking to eradicate tax evasion through an amendment to the Savings Taxation Directive, the organisation announced yesterday (November 13th).Loopholes which are exploited by tax evaders will be closed by adjustments to the directive, the EC said after accepting a proposal on the change.It is to be improved so that interest payments which come through intermediate tax-exempted structures will not do so untaxed.The EC also hopes to make the operation of the directive simpler, providing a "more user-friendly system and more efficient implementation".Currently, the directive can be "easily circumvented", the EC's commissioner for taxation and customs, Laszlo Kovacs, explained."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," he concluded.
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