Belgium Implements EU Savings Tax Directive
At its meeting on June 6 and 7, the EU Council of Economic and Finance Ministers confirmed that all EU member states have transposed the EU savings tax directive (2003/48/EC) into their domestic laws. The resulting exchange-of-information system became effective in the European Union on July 1. Belgium transposed the directive in its law of May 17, 2004, and the legislation entered into force there on July 1. However, much remains to be done.