Jersey, Guernsey and the Isle of Man have finally fallen into line with the OECD, but now the compromise deal over the EU's Savings Directive presents yet another dilemma for the offshore finance industry, writes Helen Mooney
March 05, 2003 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
“It is a mess,” says Andrew Corlett, partner and managing director of Isle of Man-based law firm Cains of the recent European Union (EU) agreement on the Savings Tax Directive.
On January 21, following several years of arguments, the European Council of Finance Ministers (ECOFIN) reached political agreement on a tax package which includes the directive on savings. Under the directive, 12 EU member states will exchange information about bank accounts held abroad by each others’ citizens.
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