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L 157/38 Official Journal of the European Union EN 26.6.2003 COUNCIL DIRECTIVE 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments THE COUNCIL OF THE EUROPEAN
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The directive concerns taxation of income from savings in the form of interest payments.
Financial institutions are required to report information under this directive.
The directive outlines specific requirements for reporting interest payments on savings.
The purpose is to prevent tax evasion on savings income by ensuring information exchange between EU member states.
Information such as the name, address, tax identification number, and interest income of the account holder must be reported.
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