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Withholding tax under EU Savings Directive to be abolished — Orbitax Tax News & Alerts

In a press release of 10 April 2013, the Luxembourg Ministry of Finance announced that the 35% withholding tax imposed under the Savings Directive (2003/48) on interest withheld by resident paying agents paying interest to or securing the payment of interest for the immediate benefit of individuals who are residents in another EU Member State or in an associated and dependent territory will be replaced by automatic exchange of information from 1 January 2015.