It is becoming increasing likely that the implementation of the European Union's Savings Tax Directive will not go ahead as planned on January 1 2005.
Comments made by the Austrian Finance Minster Karl-Heinz Grasser ahead of the EU Finance Minister’s meeting yesterday appeared to confirm a growing resignation to the fact within the EU.
"The strong feeling that we have is that the January 1 implementation date will not be possible in Switzerland and Liechtenstein," he remarked.
In the event of the deadline being missed, Grasser added that ministers should begin debating the issue of a postponement of the directive “by a few months”.
The main concern is that Swiss parliamentary procedure and a possible referendum on the recent agreement with the EU to adopt the directive will take longer than is possible with the planned implementation date of next January.
The EU also has to reach acceptable agreements with other third countries, namely Andorra, Monaco, Liechtenstein and San Marino.
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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