Spanish banks will inform Revenue of interest payments

Irish customers of Spanish banks have been warned that, from July 1 onwards, the Spanish tax authorities will automatically inform the Revenue Commissioners about interest paid on non-resident accounts in Spain.

21st May, 2005

Irish customers of Spanish banks have been warned that, from July 1 onwards, the Spanish tax authorities will automatically inform the Revenue Commissioners about interest paid on non-resident accounts in Spain. The move is required by an EU directive concerning the taxability of savings and the alignment of direct taxes in the EU.

Sabadell Atlantico Bank wrote to its Irish customers last week, warning: “The information to be exchanged will be supplied to the tax authorities...

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