Directive 2003/48 / EC on the taxation of savings income

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Directive 2003/43 / EC

Title: Council Directive 2003/48 / EC of June 3, 2003 in the field of taxation of savings income
Designation:
(not official) 		Savings Directive
Scope: EU , Switzerland
Legal matter: Tax law
Basis: EC Treaty , in particular Article 94
Procedure overview: European Commission
European Parliament
IPEX Wiki
Come into effect: July 16, 2003
To be
implemented in national law by: 		December 31, 2003
Implemented by: Germany
Interest Information Regulation
Replaced by: Directive (EU) 2015/2060 (repeal)
Expiry: January 1, 2016
Reference: OJ L 157 of 26.6.2003, pp. 38-48
Full text Consolidated version (not official)
basic version
Regulation has expired.
Please note the information on the current version of legal acts of the European Union !

Council Directive 2003/48 / EC of June 3, 2003 in the area of ​​taxation of interest income is a European Community directive which obliges the member states to provide mutual support in the collection of (national) income tax on interest income. The following terms are common: European Interest Tax Directive, EU Interest Directive, EU Savings Tax Directive or European Savings Tax Directive (ESD).

The aim of the guideline is an unexceptional and uniform taxation of the interest income of all EU citizens with EU residence, regardless of where the income is generated. For this purpose, the capital investment state should inform the country of residence about the amount of interest income. There is an exception for Luxembourg and Austria ; these member states generally do not provide any information to the country of residence, but instead retain a withholding tax and pay 75% of this to the country of residence. Belgium initially also levied a withholding tax, but has been participating in the exchange of information since 2010.

Agreements on the exchange of information or withholding tax have also been concluded with third countries and other dependent territories.

Sometimes the term "European interest tax" is misunderstood. However, the directive does not introduce a tax at European level, rather the member states are obliged to provide mutual support.

Personal area of ​​regulation

Only interest payments to natural persons are covered by the directive . If the interest accrues to a corporation, foundation or other legal person , this does not fall under this guideline.

Factual area of ​​regulation

Only interest and similar income as well as certain sales income from interest-bearing capital claims are recorded, but not dividends or life insurance income .

In mutual funds , the following shall apply:

  • If a fund contains less than 15% interest bearing securities, it is not covered by the directive.
  • If a fund contains at least 15% but less than 25% interest-bearing securities, only the distribution counts as an interest payment.
  • For funds with 25% interest-bearing securities, the Directive applies to both distributions and capital gains.

Implementation of the Directive

Depending on the country of application, the paying agents must either pay the withholding tax (in Switzerland: “ tax retention ”) or report it to the responsible tax authority (“reporting procedure”). To do this, the banks have to calculate the amount of the tax retention.

  • In the countries of the EU, except Austria and Luxembourg, the identity and residence of the customer as well as the amount of his interest income in the past year must be reported to the tax authority of his country of residence by May 31st of each year.
  • Austria and Luxembourg as well as third countries and other areas do not report the interest income, but pay 75% of the withholding tax withheld to the countries of residence of the investors.

Withholding tax rates

Period Withholding tax rate
July 1, 2005 to June 30, 2008 15%
July 1, 2008 to June 30, 2011 20%
from July 1, 2011 35%

Implementation in Germany

In Germany, the guideline was implemented through the Interest Information Regulation (ZIV). The reportable persons, mostly banks, have to report the information about the investors to the Federal Central Tax Office. This office forwards the information to the tax authorities of the countries of residence.

Implementation in Austria

The directive was implemented in Austria by the EU Withholding Tax Act (EU-QuStG). The "interest tax" is withheld by the paying agents and paid to the responsible tax office by May 31 of the following year. The report gives the investors' country of residence, but no further information.

Implementation in Switzerland

With the agreement between the Swiss Confederation and the European Community of October 26, 2004 and the Savings Tax Act (ZBstG), the directive became applicable law in Switzerland. Here, too, the “interest tax” is withheld by the paying agents and paid anonymously to the investor's country of residence.

Implementation in other states and territories

According to a report by the EU Commission , the directive has been implemented in national law by all EU member states. The directive will be implemented in four other European states ( Liechtenstein , San Marino , Monaco and Andorra ) and various EU states affiliated and associated areas, such as B. the British Channel Islands applied.

Repeal

The guideline was repealed on January 1, 2016. The last data exchange took place in accordance with the cancellation policy in the 2016 calendar year for the 2015 reporting period. From the reporting period 2016 (inflows from January 1, 2016), information will be exchanged in accordance with the Common Reporting Standard ( CRS ).

Web links

Individual evidence

  1. ↑ Agreement between the Swiss Confederation and the European Union on the automatic exchange of information on financial accounts to promote tax compliance in international matters
  2. ↑ Federal Central Tax Office : Land list. (PDF) Brief overview of the current agreements with other countries on data transmission according to the Interest Information Regulation. In: bzst.de. September 2016, accessed September 20, 2019 .
  3. ↑ Information on the implementation of the EU Savings Directive in Germany. Website of the Federal Central Tax Office. Retrieved August 20, 2011.
  4. ↑ The EU Withholding Tax Act was amended by Federal Law Gazette I No. 77/2016 .
  5. ↑ EU Withholding Tax Act (text). Website of the Federal Chancellery, legal information system. Retrieved August 20, 2011.
  6. ↑ Agreement between the Swiss Confederation and the European Community of October 26, 2004 (text). Website of the federal authorities of the Swiss Confederation. Retrieved August 21, 2011.
  7. ↑ Federal Act of December 17, 2004 on the Savings Tax Agreement with the European Community (Savings Tax Act, ZBstG). Website of the federal authorities of the Swiss Confederation. Retrieved August 20, 2011.
  8. ↑ See REPORT FROM THE COMMISSION TO THE COUNCIL in accordance with Article 18 of Council Directive 2003/48 / EC on taxation of savings income in the form of interest payments of September 15, 2008 (SEC (2008) 2420), online (PDF , 44.5 kB) , accessed on October 13, 2011.
  9. ↑ See also the overview NATIONAL PROVISIONS COMMUNICATED BY THE MEMBER STATES CONCERNING: Council Directive 2003/48 / EC of 3 June 2003 on taxation of savings income in the form of interest payments , CELEX number 72003L0048.

Council Directive ( EU ) 2015/2060 of November 10, 2015 repealing Directive 2003/48 / EC in the area of ​​taxation of savings income.