Press Release: Direct taxation: Commission takes steps against Luxembourg as regards the application of the Savings Tax Directive

The European Commission formally requested Luxembourg to amend its legislation which incorrectly transposes certain provisions of the Savings Tax Directive. The request took the form of a reasoned opinion (second step of the infringement procedure of Article 226 of the EC Treaty). If no satisfactory reaction to the reasoned opinion is received within two months, the Commission may decide to refer the matter to the European Court of Justice.