The Council discussed a draft directive aimed at strengthening EU rules on the taxation of savings income. The draft amendments seek to enlarge the directive’s scope to include all types of savings income and products that generate interest or equivalent income. Using a “look-through” approach, reasonable steps would be required of tax authorities to establish the identity of beneficial owners.

The Council’s discussion confirmed broad support for the amended directive. The dossier will be again discussed in the near future, with a view to reaching an agreement. The presidency expects this could be done before the end of the year. Based on article 115 of the Treaty on the Functioning of the European Union, the directive requires unanimity for adoption by the Council, after consulting the European Parliament.