The European Union will miss its self-imposed January 1 deadline for reaching an agreement over the Savings Tax Directive, according to reports.
Following Wednesday's ECOFIN meeting, opinion was divided as to how close the European bloc is to agreeing upon a viable solution, with Swedish Finance Minister, Bosse Ringholm announcing simply: 'We need more time,' whilst his German counterpart, Hans Eichel was more upbeat, revealing that:
'Remarkable progress was made. I'm optimistic we will have a result by January 21.'
The EU has stated in the past that the entire deal would collapse if an agreement was not reached by the end of this year. However, resolve appears to have softened in the face of the current disagreement, and ministers have agreed to postpone further discussion until January 21.
A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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