Overview

This briefing provides details on a new BVI directive which taxes savings income in the form of interest payments for the last six tax years. The directive is designed to facilitate the exchange of information on individuals’ savings income between the tax authorities of EU Member States.

The directive and associated legislation requires that institutions must report certain ‘minimum information’ (including name, address, account number, etc) about savings income to their local tax authorities. The local tax authority in turn discloses the information received from the paying agent to the tax authority where the individual is resident.

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