The European Union (EU) and France have inked an agreement on the application of savings tax legislation to the collectivity of Saint-Barthélemy.
The island of Saint-Barthélemy ceased to be an outermost region of the EU with effect from January 1, 2012. It gained the status of overseas country or territory. At the time, France undertook to conclude the agreements necessary to ensure that the EU's interests were preserved when the change took place.
ECOFIN President Yannis Stournaras said the agreement is "a strong expression of the willingness of France and the EU to ensure continuity and consistency in the fight against tax fraud and tax evasion."
Writing to the French Finance Minister Pierre Moscovici and EU Tax Commissioner Algirdas Šemeta, Stournaras said the agreement "contributes to avoiding loopholes by extending the territorial scope of the current Savings Directive and the Directive on Administrative cooperation."
He further stressed that "EU instruments can only work effectively where they do not leave loopholes or shortcomings which can be used by tax planners in order to avoid taxation.".
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