The EU supranational body said that the aim of this move is to equip the commission with comprehensive system of automatic information about the financial transactions taking place among its members.
EU taxation, customs, statistics, audit and anti-fraud commissioner Algirdas Šemeta said the proposal will enable member states to assess and collect the taxes they are due, while positioning the EU to push for higher standards of tax good governance globally.
From 1 January 2015, the Administrative Cooperation Directive anticipates the automatic exchange of information, including employment, directors’ fees, life insurance, pensions and property.
The latest proposal has sought modification in the Administrative Cooperation Directive, in order to ensure that automatic information exchange will also apply to dividends, capital gains, other financial income and account balances.
