Whither or wither the European Union Savings Tax Directive? A case study in the political economy of taxation

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Abstract
Describes the European Union Savings Tax Directive (EUSTD), the latest initiative in a series since the issue of global taxation within the EU emerged in 1996. Traces the EUSTD’s genesis and the reason for its inception: this was to minimise the loss of tax revenues in some member countries by slippage, as taxpayers look to ways to avoid paying tax by moving funds between tax jurisdictions. Focuses on the disagreements that have plagued the various initiatives since 1996 concerning the proposed EUSTD; these represent a struggle between fiscal sovereignty and market power, with some member states being unwilling initially to consider any more towards coordination. Discusses the effects on the EUSTD of external organisations, eg the Organisation for Economic Cooperation and Development and the Financial Action Task Force.

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