Maltese Institutions To Stage Seminar Explaining EU Savings Directive

by Robert Lee, Tax-News.com, London

13 July 2004

Following the recent agreement to implement the European Savings Directive on July 1 2005, three major Maltese business and financial institutions are bringing together a collection of experts to explain the implications of the directive from a Maltese point of view.

The seminar, to be held on Friday, July 16 in Valetta was jointly organised by the Bank of Valetta, the Maltese Business Bureau and the Malta Chamber of Commerce and Enterprise, and will be chaired by Mr Mario Spiteri, Chairman of the Financial Services Trade Section of the Malta CoC.

The keynote speaker is Mr Bert Zuijdendorp, from the DG Taxation and Customs Union. Mr Zuijdendorp played a key role in drafting the EC Directive on taxation of savings income and was actively involved in Council discussions on the proposed Directive.

He also participated in negotiations with Switzerland and other non-EU countries on equivalent measures. He has previously worked for the Dutch Ministry of Finance and is highly experienced in international tax matters.

Mr Zuijdendorp is due to give an overview of ‘The EU Directive and the Current Negotiations With 3rd Countries – the State of Play'.

Other speakers will include Mr Peter Perotti of the Bank of Valletta’s Private Banking Division, who will give a talk entitled ‘Taxation on Savings Income from a Service Provider’s Perspective’, while Mr Thomas Jacobsen from PricewaterhouseCoopers will speak about ‘Taxation on Savings Income – a Practitioner’s Perspective’.

Also speaking will be Dr Frank Chetcuti Dimech from CDF Advocates, who will address the subject of ‘Taxation on Savings Income from a Maltese Legal Perspective’.

On 3 June 2003, EU Finance Ministers adopted the Directive as part of a package of measures designed to tackle what they are pleased to call 'harmful tax competition' in the European Union.

The Directive provides for a system of automatic exchange of information on interest payments by paying agents established in Member States to individuals resident in other Member States.

Austria, Belgium, Luxembourg and other relevant third countries and territories will apply a transitionary withholding tax for a seven year period within which rates will increase from 15% to 35%.

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