Savings Tax Directive
Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments, commonly known as the "Savings Tax Directive", which introduces a new system of information sharing between tax authorities in respect of interest payments, takes effect from 1 July 2005. The purpose of the directive is to ensure that interest payments made in one EU member state to an individual resident for tax purposes in another are taxed in accordance with the laws of the latter. Agreements to introduce similar measures have also been made with certain other states and territories.
The directive obliges financial institutions (or 'paying agents') to establish the identity and residence of all individuals to whom they make interest payments. The Revenue Commissioners will receive information regarding interest payments made by Irish paying agents to individuals resident in other EU member states. This information will be forwarded by Revenue to the relevant authorities in the appropriate member state or territory. Similarly, the Revenue Commissioners will receive information from other EU tax authorities in respect of Irish residents who have received interest payments from institutions in other EU countries.
- Revenue Press Release - Savings Tax Directive Takes Effect
Council Directive 2003/48/EC - on taxation of savings income in the form of interest payments PDF (166KB)
- Savings Tax Agreements between European Union and certain Third Countries
- Irish Legislation Implementating the EU Savings Tax Directive and Related Statutory Instruments
- Revenue's Guidance Notes on Irish Legislation & Paying Agents
- Text of Bilateral Agreements between Ireland and certain associated and dependent territories of the United Kingdom and the Kingdom of the Netherlands
- EU Savings Directive - Withholding Tax
- To apply for EU Savings Directive paper form, please send e-mail to the following eusavings@revenue.ie