ЕУ ДИРЕКТИВА ЗА ОПОРЕЗИВАЊЕ ШТЕДЊЕ - РАЗВОЈ И ИЗАЗОВИ
EU SAVINGS TAX DIRECTIVE - DEVELOPMENT AND CHALLENGES

Summary/Abstract: Council Directive 2003/48/EC has been very significant for the European society, due to various reasons. One of them is certainly the fact that the Directive has been a major political break-through in the development of the Communities and the EU. Merely one decade ago the idea of abandoning the concept of banking secrecy was completely unthinkable, whereas today there is at least a vision of information circulation, for the purpose of combating tax avoidance. Additionally, the Directive has established a system of coordination between tax authorities of the Member States. The importance of the Directive as well as of the matter it regulates is clearly demonstrated by the EU efforts made in order to introduce the application of this Directive in other jurisdictions. However, it would be much more difficult from the political point of view to achieve that goal. Despite its significance, the Directive still has many limitations and loopholes which make possible for individual investors to circumvent its application. Some of the difficulties have been listed in one of the sections. Finally, the possible solutions in order to remove the limitations are not so difficult to find. However, the implementation of those solutions depends at a high level on the political will not only of the EU but also of other jurisdictions, relevant for the achievement of the desired effects of the Directive. The time will have to show how successful prospect negotiations are going to be in overcoming the differences between EU and its significant political partners.

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