Instead European finance ministers have agreed to a set of rules that will see the governments of EU countries forced into an exchange of information on non-residents’ savings that will see taxes imposed in the country of residence.
The possibility of an EU withholding tax threatened the position of the City of London as Europe’s main financial centre and would severely hurt its bond market, according to government ministers.
The deadlock on this long-running proposition was broken after EU ministers convinced Italy to drop its opposition by resolving an unrelated dispute over milk production, dating back to 1989.
Only three countries, Austria, Belgium and Luxembourg are expected to introduce a withholding tax following the agreement, with other EU countries expected to go with information exchange.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy