Issues concerning tax havens and tax evasion were discussed at ECOFIN on 4 March. The UK and other member states made clear their determination to tackle cross-border tax evasion and invited the European Commission to bring forward its review of the savings directive, which enshrines the principle of exchange of information as the means of combating tax evasion. The savings directive is complemented by agreements with countries and territories outside the EU. There will be further discussions in the coming months.
The UK is also actively involved in promoting OECD standards of transparency through tax information exchange agreements between offshore jurisdictions and OECD countries.