EU Savings Taxation Directive

The EU Savings Taxation Directive that took effect on 1 July 2005 serves the purpose of ensuring efficient taxation of private individuals' interest income where the interest income is in the form of cross-border interest payments.

In most EU countries, the paying agent - typically a bank - must inform the tax authorities in the country about the foreign natural persons to whom it has paid out interest.

Consequently, information on categorisation of the individual funds and the interest element of the book value are not relevant for investors in all countries. All investors and prospective investors should seek independent professional advice in relation to their tax position since this will ultimately depend on their particular tax status and circumstances.

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