14/10/2014 - - General
Combating tax evasion: Council agrees rules on automatic exchange of information

The Economic and Financial Affairs Council on 14 October 2014 reached an agreement on a directive aimed at strengthening the fight against fraud and tax evasion.

 

 

 

 

The Council reached an agreement on a directive that amends the existing EU rules for the exchange of information between the tax administrations of the member states. This information is related to certain categories of income that taxpayers hold in a member state other than their state of residence.

The newly agreed directive will enable the EU countries to strengthen the combat against tax fraud and tax evasion and to increase the efficiency and effectiveness of tax collection. 

“Today we took a major step towards greater transparency marking the end of bank secrecy in tax matters in the European Union", said Pier Carlo Padoan, Italy's Minister for Economy and Finance, who chaired the meeting. 

Next steps

The text of the new directive will be adopted without further discussion at a forthcoming Council meeting, once the text has been finalised in all official EU languages. 

Press release on agreement on the automatic exchange of information

Council's debate on the automatic exchange of information (video)

 

Information extracted from the Council of the EU website.

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