Striking a balance
Despite the European offshore centres' long fight to maintain their status against increasing pressure from the European Union, the implementation of the EU Savings Directive and the changing environment for financial secrecy has made reform of their banking regimes inevitable. Mike Lombardi and Alison MacKrill look at how the changes have been handled in the Channel Islands
A single European Union (EU) system of withholding tax is hardly a new proposal. An early proposal for such a system failed to come to fruition in 1989 when it did not achieve the required unanimous consent. The UK lobbied effectively against the introduction of withholding tax in order to preserve its London-based Eurobond market.
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