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European Union regulators announced proposals on Thursday that aim to close off loopholes in the EU’s strict tax rules* and crack down on tax evasion linked to cross-border investments. The idea is to prevent investors in an EU member country such as Germany from parking millions of euros in secretive banks in the tiny Alpine principality of Liechtenstein. Non-EU countries like Liechtenstein and Switzerland signed up to the EU’s savings tax rules when they were introduced in 2005. But at present, those rules only cover interest on bank accounts held outside a home state.

In a news conference, EU Tax Commissioner Laszlo Kovacs said the current scope of the EU savings tax directive needed to be extended, to help Europe in its battle to stamp out tax evasion. “At present, it is relatively easy for individuals to circumvent it (directive) ... it is beneficial to all parties to go further in extending the scope of measures”, - he said. Ways of getting round the rules included using trusts or foundations where there was no income tax, he said, or rearranging financial portfolios so that income from interest fell outside the EU’s formal definition of interest payments.

Existing EU rules ensure that banks and other institutions either report to authorities the interest income which they pay to savers resident in other EU countries, or levy a withholding tax on the interest income received. The new proposal thus requires paying agents to apply the rules to payments of interest to structures outside the EU, and extends the rules to payments of interest to certain trusts and foundations. It further proposes extending the scope of the rules to cover certain life insurance contracts. For example, if a bank established within the EU pays interest to a trust based in Switzerland or Hong Kong, and if it knows - under anti-money-laundering provisions - that the effective beneficial owner of the trust is an individual resident in the EU, the bank will have to apply EU rules at the time of payment as if this was directly made to the individual.

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• *Directive 2003/48/EC “On taxation of savings income in the form of interest payments” (aka “EU savings tax directive”)