EU expands scope of automatic exchange of information

EU finance ministers on December 9 adopted a directive to extend mandatory automatic exchange of information between tax administrations to interest, dividends, and other income, and to account balances and sales proceeds from financial assets. Political agreement had been reached on the directive in October 2014.

The directive amends directive 2011/16/EU on administrative cooperation in the field of direct taxation, making it consistent with the new global standard on automatic exchange of information developed by the OECD and endorsed by the G20.

Member states will begin exchanging information automatically under the revised directive for the first time by the end of September 2017, along with other OECD “earlier adopters.”

Austria had been granted an additional year to apply the new rules when political agreement was reached in October, but it has now announced that it will join other member states exchanging information by September 2017.

See:

• COUNCIL DIRECTIVE amending Directive 2011/16 /EU as regards mandatory automatic exchange of information in the field of taxation (14425/14,  15995/14, 15995/14 ADD 1)

• Council of the European Union release

See also:

• European Commission release – Commissioner Moscovici welcomes Council agreement on measures against tax avoidance and unfair tax competition

 

Related MNE Tax articles:

• EU to expand scope of automatic exchange of information