European Union Savings Taxation
In the European Union, member states have concluded a multilateral agreement on information exchange. This means that they will each report (to their counterparts in each other jurisdiction) a list of those savers who have claimed exemption from local taxation on grounds of not being a resident of the state where the income arises. These savers should have declared that foreign income in their own country of residence, so any difference suggests tax evasion.
(For a transition period, some states have a separate arrangement. They may offer each non-resident account holder the choice of taxation arrangements: either (a) disclosure of information as above, or (b) deduction of local tax on savings interest at source as is the case for residents).
Read more about this topic: Double Taxation
Famous quotes containing the words european, union and/or taxation:
“God grant we may not have a European war thrust upon us, and for such a stupid reason too, no I don’t mean stupid, but to have to go to war on account of tiresome Servia beggars belief.”
—Mary (1867–1953)
“Every good cause gained a victory when the Union troops were triumphant. Our final victory was the triumph of religion, of virtue, of knowledge.... During those four years, whatever our motives, whatever our lives, we were fighting on God’s side. We were doing His work. What would this country have been if we had failed?”
—Rutherford Birchard Hayes (1822–1893)
“Whether talking about addiction, taxation [on cigarettes] or education [about smoking], there is always at the center of the conversation an essential conundrum: How come we’re selling this deadly stuff anyway?”
—Anna Quindlen (b. 1952)