Update: Taxation of savings: The proposal for a withholding tax, December 1999

Following an abortive EcoFin Council on 29 November where the UK refused to back down on its opposition to the proposals, the European Commission issued a short note clarifying for the public certain aspects of the withholding tax proposals on 3 December 1999 Memo (European Commission), MEMO/99/63.

An excellent source of substantive information on this subject is a report published in July 1999 by the House of Lords: Select Committee on the European Communities called 'Taxes in the EU: Can co-ordination and competition co-exist?'. As well as the report of the Committee itself the volume also reproduces much written and oral evidence provided by a large number of witnesses providing a broad spectrum of opinion on the Commission's proposals.

See also: Helsinki gives up hope of clinching deal on tax European Voice, Vol.5, No.43, 25.11.99, p1

This updates the In focus item Taxation of savings: The proposal for a withholding tax, December 1999.

Ian Thomson
Executive Editor, European Sources Online
Compiled: 3 December 1999
Last revised: 4 December 1999

Following an abortive EcoFin Council on 29 November where the UK refused to back down on its opposition to the proposals, the European Commission issued a short note clarifying for the public certain aspects of the withholding tax proposals on 3 December 1999.