Brussels -- Finance ministers from the European Union have agreed to rewrite rules on savings tax in an effort to curtail tax havens, EU's tax commissioner said Friday.
Tax Commissioner Laszlo Kovacs the new rules would be sensitive to Germany's input in the wake of a tax fraud investigation that encompassed 1,400 people, 600 of them from Germany, the EU Observer reported.
The changes would improve communication between banks and "orient the commission in what way we can … formulate amendments of the directive to close the loopholes, Kovacs said.
Germany estimates it losses $46 billion a year in tax fraud each year, the report said.
Investors who keep their cash in savings accounts have seen their interest rates cut quite sharply over the past few months. ING 's (NYSE: ING) ING Direct and HSBC 's (NYSE: HBC) HSBC Direct online savings accounts, for example, now shell out just 3.1% and 3.55% APY, respectively -- down from more than 4.5% last year.
Do you love doing your taxes? Me too. And the day we dread -- April 16 -- is not that far away, when we'll no longer be so focused on our taxes, and we'll have to wait another 11 to 12 months before preparing our next returns. It's awful, isn't it?
You'd think that an economic environment chock-full of interest rate cuts from the Fed would lead credit card issuers to gradually decrease the rates they charge us on our plastic. But no -- many cards have actually been raising their rates recently. Bill Hardekopf of LowCards.com, for example, has noted rates moving in directions other than down at cards from American Express (NYSE: AXP), JPMorgan Chase (NYSE: JPM), and Bank of America (NYSE: BAC).
With the tax-filing season rapidly approaching, taxpayers can foresee a number of complications that may make their lives more difficult. Here are some tips on what to expect from this crazy year in the tax world, and how you can make the most of it.
Are you down with MLPs? Master limited partnerships, which are tax-advantaged, high-yielding investment vehicles, were a hot commodity in 2007. In response to high demand, particularly from institutional investors, everyone from Devon (NYSE: DVN) to Pioneer Natural Resources (NYSE: PXD) began looking at ways to package predictable cash-generating assets into MLPs.
I don't know about you, but I've made several plans for spending my tax rebate. At the top of the list is me sipping a fruity drink on a white-sand beach with a mystery novel in hand, watching the sun set in a cascade of purples and pinks.
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