Asia targeted by EU tax commmsioner

The EU is looking to extend its tax net to incorporate wealthy citizens that
have moved to Hong Kong and Asia.

EU tax commissioner Laszlo Kovacs wants to bring to the countries into
Europe’s tax regime due to concerns that wealthy people are looking at these
distant places to set up tax shelters.

Tax officials from EU member states will look into plans to extend the EU
Savings Directive; agreement among finance ministers would see talks start with
Hong Kong and Singapore.

The move follows recent problems taxing savings in Switzerland and Luxembourg
due to loopholes in EU law, however, a spokeswoman for Kovacs told the
Financial Times that the low yield in these countries could be down to
money moved further afield.

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