UK To Confirm That Its Dependent Territories Are Compliant With EU Savings Directive
The United Kingdom government is set to announce that all of its dependent territories have agreed to comply by the rules of the European Savings Tax Directive, a report by news service Reuters has revealed.
A Treasury source told the agency: "This completes the process we began in 1997. We have not only stopped a damaging agreement to harmonise a withholding tax, but now all European businesses can enjoy a competitive and level playing field."
UK Ministers are likely to confirm the position of the dependent territories at the regular monthly Ecofin meeting (European Council of Finance Ministers) in Brussels this week.
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