Tax uncertainty for investors must end

Once again, the one issue that has dominated the international financial services industry in recent weeks is the forthcoming introduction of the EU Savings Directive (EUSTD). This initiative has been dogged by controversy since its inception and, as we approach the June review, the horse-trading has hotted up further. The most shocking thing for the international community has been that the 'offshore centres" agreed so readily to negotiate. After all, aside from Dublin and Luxembourg, they are not in the EU and not therefore bound by its directives. It is a sign of how the reputations of...