EU Savings Directive repealed

The EU savings directive will be repealed as from 1 January 2016. The repeal coincides with the introduction of the common reporting standard (CRS) within the EU that will have to be transposed into the domestic legislation of the member states.

From a Malta perspective, all information gathered by paying agents during 2015 must be submitted to the Inland Revenue Department by the relevant deadlines.

As from 1 January 2016, information processing and reporting obligations will arise on the basis of the amended Directive on Administrative Cooperation and will be due for submission in 2017. Financial information to be automatically exchanged concerns dividends, interest and similar types of income, gross proceeds from the sale of financial assets, as well as other income and account balances.