The Chair of the PES Lisbon Network and former German Finance Minister Hans Eichel is backing the proposal to widen the reach of  tax on interest on savings

 7 September 2006

Eichel has called on EU member states to support the suggestion of European Commissioner Laszlo Kovacs  to levy tax on interest gained by EU citizens with savings in Hong Kong, Singapore and Macao. “It is just a continuation of the EU’s drive to end tax evasion. Kovacs should be given the mandate to negotiate on taxation with the South Asian states. It is necessary to combat the flight of tax revenue from Europe, and to close the tax escape routes.”