15/09/2008 (Agence Europe) - The European Commission adopted its first implementation report on directive 2003/48/EC concerning taxation of savings income on Monday 15 September (see EUROPE 9659). The report presents an evaluation of the sums transferred between Member States and between EU countries and third countries which apply equivalent measures. It also proposes possibilities for improving European legislation. These legislative modifications concern the concepts of “beneficial owner” and “paying agent”, the treatment of financial instruments equivalent to those explicitly covered as well as procedural aspects. The Commission will present a specific legislative proposal in the next few weeks. (M.B.)