Brussels, 02/03/2012 (Agence Europe) - On Friday 2 March, the European Commission unveiled its three-year report on the functioning of the EU Savings Tax Directive (2003/48/EC). The report examines 2005-2010, and shows an improvement in the quality of exchange of information among member states due to a more structured format and common rules for the provision of automated information. It makes practical suggestions for member states' tax offices to help the current system work more openly in the future. The suggestions include, for example, details about how best to formulate information for international publication. The report says that the current directive needs updating to fill shortcomings used to wriggle out of tax by making greater use of new tax bodies and new financial products. The report confirms the need to extend the scope of application of the directive and close the gaps in the legislation, as suggested by the European Commission. (FG/transl.fl)