Adopting the amendments proposed by the Commission in regard to the Savings Taxation Directive[6] will permit the closing of loopholes in the Directive and thus improve the effectiveness of this instrument. This will help Member States to better ensure effective taxation of cross-border savings income. It is now up to the Council to adopt this proposal and give a negotiating mandate to the Commission to seek corresponding changes to the existing savings taxation agreements with third countries. The vast majority of Member States have identified this issue as a high priority. The Commission therefore urges the Council to adopt these proposals without delay.
