EU savings tax deal -- a mixed bag for the law


BRUSSELS -- In mid-January, the EU finance ministers ended a deadlock on the collection of savings tax throughout the region, but the deal was only a partial victory for the European Commission’s anti-money laundering effort.

According to the agreement, EU citizens will no longer be able to evade taxes of their own nations on savings by hiding investments in other member-state countries. A compromise will force Luxembourg, Austria and Belgium to withhold up to 35% in tax on savings interest

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