Benelux: A necessary evil
Sophie Evans looks at the implications of the European Union Savings Directive for the legal community
Finally, the European Union (EU) got its way this summer when the EU Savings Directive completed its tortuous path through the organisation’s decision-making process. Austria, Belgium and Luxembourg, long portrayed as the betes noires blocking a consensus, agreed to impose a graduated withholding tax on non-resident account holders – a compromise that was good enough to seal the Directive’s success.
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