The European Commission adopted a report on the results of the European Savings Taxation Directive. According to the report, loopholes in the current Savings Tax Directive continue to be exploited by increased use of new tax structures and new financial products designed to avoid tax liability.

The report, which covers the period 2005–2010, states that the quality and usability of data which Member States transmit to each other has improved due to common EU rules on automatic exchange of information. The report includes suggestions to Member States’ tax administrations on how to make the current system even more transparent. This includes details on how paying agents can complete data in a better way for the purpose of international reporting.