EU ministers back boosting saving account controls

A package of measures designed to fight tax evasion in the European Union (EU) has been approved in principle by the EU Council of Ministers. A ‘general approach’ backing proposed amendments to directive 2003/48/EC on taxing savings accounts has been secured – the changes would extend requirements to declare income (or pay a withholding tax) to interest from some innovative financial products; certain life insurance policies; and savings accounts held in trust. Ministers also struck political deals supporting a draft directive strengthening cooperation between member states’ tax authorities.