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	Tax European Union Savings Taxation   Property Taxation: Depreciation Taxation of Profit Adjusted Basis Home Mortgage Interest and Points Deduction   1031 EXCHANGES Capital Gains Tax Corporate Tax Corporation Dividend Tax Double Taxation European Union Savings Taxation Homeowners exemption Foreign Investment in Real Property Tax Act. Flat Tax Principles of Income Tax Income taxes Inheritance Tax Installment Sales Poll Tax Progressive Tax Property taxes California Propositions Purposes and Effects of Taxation Retirement Tax Sales Tax Sales leaseback Tariff Tax Credit, Exemption Equivalent and Tax Tax Rates Tax Treaty Direct and Indirect Taxation Value Added Tax Member states in the European Union have concluded a multilateral agreement on the topic of exchange of information. This means that they will each report to their counterparts in each other jurisdiction, a list of those savers who have claimed exemption from local taxation on the grounds of not being a resident of the state where the income arises. These savers should have declared this foreign income in their own country of residence, so any omissions can be easily tracked and questioned on suspected tax evasion. During a transition period, any two states often enter into a separate arrangement. They offer each non-resident account holder two options with regard to making a choice of taxation arrangements: either disclosure of information as above (which is later cross-checked), or deduction of local tax on savings interest at source as is the case for residents.