An open book

Despite all the doubts surrounding the EU Savings Tax Directive - the delay of its introduction to 1 July 2005, the uncertainties as to how it will be put into practice - overall, it can be seen as a positive development. This is because it allows advisers throughout the EU the opportunity to re-visit clients' affairs in order to manage the possible implications of the initiative. The directive allows for automatic disclosure of information or for a withholding (or retention) tax, but the majority of the EU member countries have adopted the disclosure of information, where detailed infor...