The European Commission has today proposed extending the automatic exchange of information between EU member states, claiming that the new requirements will go further than FATCA in tackling tax evasion.
Under
the proposal, dividends, capital gains, all other forms of financial
income and account balances, would be added to the list of categories
which are subject to automatic information exchange within the EU.
Algirdas
Šemeta, commissioner for taxation, said that this paves the way for
the EU to have the most comprehensive system of automatic information
exchange in the world.
"With
today's proposal, Member States will be better equipped to assess and
collect the taxes they are due, while the EU will be well positioned
to push for higher standards of tax good governance globally. It will
be another powerful weapon in our arsenal to lead a strong attack
against tax evasion."
The
measures are timetabled take effect from January 1 2015 by being
added to the existing Savings Tax Directive, which already ensure
that governments pass tax relevant data of non-resident individuals
to the authorities where they reside.
In
December 2012, the European Commission presented an Action Plan for a
more effective EU response to tax evasion and avoidance and last
month the ECOFIN Council welcomed the Action Plan and requested the
extension of automatic exchange of information at EU and global
level.
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