New Eu With-holding Tax Of 35%

[astral]

I have heard a rumour about this new tax.

Does anyone have clear information about it, or a link to web site?

If it affects places like the Channel Islands and Isle of Man it will wipe out

my ability to live on my investments.

[Stocky]

In June 2003, the Council of EU Finance Ministers

drafted a new directive on the taxation of

savings with a view to taxing cross-border

interest payments.

Non-EU member states, including Switzerland,

must adopt equivalent measures.

If the agreement becomes effective on 1 July

2005, the EU withholding tax rates will be as

follows:

· 15% as from 1 July 2005

· 20% as from 1 July 2008

· 35% as from 1 July 2011

The EU withholding tax will be levied on all

interest payments received by individuals resident

in EU member states.

The press release is here.

EU Taxation of Savings Press Release 2003

My understanding is that IOM and CI will withhold without reporting.

Time to move to a new tax haven.

[astral]

It is the bit about who is liable that worries me the most.

The EU withholding tax will be levied on all

interest payments received by individuals resident

in EU member states.

I am a Brit, Non Resident and Not Ordinarily Resident for tax purposes.

The question is where do I reside?

Certainly not Thailand, I only have a "temporary permit to stay"

albeit a Non Imm O visa.

Most worrying.

[Stocky]

Pretty much the same situation as myself.

British, resident abroad for tax purposes, working in Russia but no more than the 183 days allowed before I'm liable for tax, I spend 1 to 2 months a year in the UK (less than my 90 days) and the rest in Thailand but only on tourist visas.

I've been looking at opening an account with HSBC in Singapore, I was going to pop down there for a few days on my next trip and pay them a visit.

[medicinebox]

Click here

Expat tax UK.

Good website, and I have actually met the guy (Les).

They are all ex IR, and know all the loopholes.

[jackr]

In June 2003, the Council of EU Finance Ministers

drafted a new directive on the taxation of

savings with a view to taxing cross-border

interest payments.

Non-EU member states, including Switzerland,

must adopt equivalent measures.

If the agreement becomes effective on 1 July

2005, the EU withholding tax rates will be as

follows:

·  15% as from 1 July 2005

·  20% as from 1 July 2008

·  35% as from 1 July 2011

The EU withholding tax will be levied on all

interest payments received by individuals resident

in EU member states.

The press release is here.

EU Taxation of Savings Press Release 2003

My understanding is that IOM and CI will withhold without reporting.

Time to move to a new tax haven.

The EU can stick their robbing tax ideas right up their collective arse!! In fact it'd be a good idea if the EU shut up shop and pissed-off altogether.

[astral]

I think you are right.

There are quite a few tax exiles around the world, and if they have any

investment in the EU it will be moving.

If the Investment companies have to leave the IOM and CI ti will decimate the economies of those islands.

Utter lunacy.

[ednguyen]

My understanding is that IOM and CI will withhold without reporting.

Time to move to a new tax haven.

Hey Astral & Cie.

The new off-shore haven of choice is Panama. Do your research and move your assets.

da Swallow do

[Thetyim]

The witholding tax only applies to EU citizens all other nationalities will get their interest paid gross.

There is the loophole for you.

[astral]

The witholding tax only applies to EU citizens all other nationalities will get their interest paid gross.

<{POST_SNAPBACK}>

Do you really think it will stop there, once they realise what a source of income it can be??????

[meom]

The witholding tax only applies to EU citizens all other nationalities will get their interest paid gross.

Do you really think it will stop there, once they realise what a source of income it can be??????

Not really a big problem cause they only tax the interest on savings so instead of 7% interest per year you get 4.55%. If less than 3% difference is really a big concern that you can put all the money in wifes name. Takes a bit of trust though.

[sometime]

I have heard a rumour about this new tax.

Does anyone have clear information about it, or a link to web site?

If it affects places like the Channel Islands and Isle of Man it will wipe out

my ability to live on my investments.

<{POST_SNAPBACK}>

It's not only the EU there after the Americans also.

Don't Leave Home Without It - Just Inform the IRS First

.

In a not so surprising recent tactic by US Internal Revenue Service, the IRS petitioned a federal judge in Miami to order the release of across the board customer information from MasterCard & American Express. This move is aimed at trying to find out the account information with regards to Americans that may have an offshore bank account and a related offshore charge card (referenced by the fact they have a credit or debit card issued by a non US bank). Many clients have contacted us recently about this, so I want to explain what exactly is going on and perhaps offer some comments, or at least some things to be aware of. The news story concerning this was released over the wire and a number of articles recently appeared in USA TODAY, The New York Times, and a few other well know publications. Each reporter has changed the article somewhat, but the on-line version can be found at the following link:

http://wire.ap.org/Apnews/main.html?PACKAGEID=taxes