Savings Directive

The European Union Savings Directive, formally Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments, was a directive of the European Union enacted to implement the European [Union withholding tax], requiring member states to provide other member states with information on interest paid to achieve effective taxation of the payments in the member state where the taxpayer is resident for [tax purposes].
It was an anti-tax evasion measure, similar to Foreign Account [Tax Compliance Act|FATCA]. It was repealed on 10 November 2015, in favor of Directive 2014/107/EU.