The European Union Savings Directive (EUSD), formally Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments, was a
directive of the
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
enacted to implement the
European Union withholding tax
The European Union withholding tax is the common name for a withholding tax which is deducted from interest earned by European Union residents on their investments made in another member state, by the state in which the investment is held. The Eu ...
, requiring member states to provide other member states with information on interest paid to achieve effective taxation of the payments in the member state where the taxpayer is
resident for tax purposes.
It was an anti-tax evasion measure, similar to
FATCA. It was repealed on 10 November 2015, in favor of Directive 2014/107/EU.
See also
*
European Union withholding tax
The European Union withholding tax is the common name for a withholding tax which is deducted from interest earned by European Union residents on their investments made in another member state, by the state in which the investment is held. The Eu ...
* US
Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in r ...
References
External links
*
European Union directives
European Union financial market policy
2003 in law
2003 in the European Union
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