The usual monthly ECOFIN meeting took place in March amid the fallout from the tax evasion by German citizens through Liechtenstein. The taxation of savings was on the agenda, as well as draft conclusions to combat VAT fraud.

According to the press release, the Council was briefed by the Commission on progress made in its contacts with certain third countries and territories as regards the possible adoption of savings tax measures that are equivalent to those applied in the EU.

Interestingly, savings tax measures are currently applied in the EU under Directive 2003/48/EC, as well as in five European third countries including Liechtenstein.