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European Savings Directive

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European Savings Directive
Introduced to ensure that individuals pay the correct amount of Tax to the correct country, reducing any advantage gained by investing elsewhere in the European Union.
    
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.
Posted by  Information Management Network LLC.
 
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