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Savings Directive 2003/48/EC on information exchange on private savings income.
The council of EU has repealed the Savings Directive 2003/48/EC. This has been done to eliminate an overlap that had developed with other legislation aimed at preventing tax evasion.
The directive, which came into force in 2005, required the automatic exchange of information between member states on private savings income. This enabled interest payments made in one member state to residents of other member states to be taxed in accordance with the laws of the state of tax residence.
This information will be covered by the Mutual Assistance Directive 2014/107/EU. This implements a single global standard developed by the OECD for the automatic exchange of information and extends the scope of the exchange to include interest, dividends and other types of income. It takes effect on 1 January 2016.
