The European Commission says it’s to announce proposals to amend the Savings Tax Directive next month.
The EC says the idea is to try to ensure more effective taxation of savings income and eliminate undesirable loopholes which facilitate tax evasion and tax fraud.
The EC has been considering the changes for some time and says recent events in the area of tax evasion have led it to bring the proposals forward.
The savings tax directive applies in 42 jurisdictions including the Isle of Man.
The EC says in return for cooperation with the changes, it would offer incentives including development aid.
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