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| European Savings Tax Directive |
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COUNCIL DIRECTIVE 2003/48/EC of 3 June
2003 on taxation of savings income in the form of interest payments Article 12 Revenue sharing 1. Member States levying withholding tax in accordance with Article 11(1) shall retain 25 % of their revenue and transfer 75 % of the revenue to the Member State of residence of the beneficial owner of the interest. 2. Member States levying withholding tax in accordance with Article 11(5) shall retain 25 % of the revenue and transfer 75 % to the other Member States proportionate to the transfers carried out pursuant to paragraph 1 of this Article. 3. Such transfers shall take place at the latest within a period of six months following the end of the tax year of the Member State of the paying agent in the case of paragraph 1, or that of the Member State of the economic operator in the case of paragraph 2. 4. Member States levying withholding tax shall take the necessary measures to ensure the proper functioning of the revenue-sharing system. |
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