European Commission proposes extending automatic exchange of information within European UnionJune 19, 2013
On 12 June 2013, the European Commission published a Proposal for a Council Directive amending Directive 2011/16/EU on the mandatory automatic exchange of information in the field of taxation (COM(2013) 348 final) (the proposal), which extends the scope of automatic information exchange to the following new categories of income:
- Capital gains
- Other financial income
- Account balances
Furthermore, the proposal removes the reference to a threshold below which a Member State may not wish to receive information from other Member States.
A Member State could, nevertheless, indicate if it does not wish to receive information on one or several categories of income or capital.
The proposal, together with EU Savings Directive (2003/48) and the Mutual Assistance Directive [on administrative cooperation in the field of taxation] (2011/16), will mean that EU Member States share as much information among themselves as they have committed to doing with the US under the Foreign Account Tax Compliance Act (FATCA).
The proposal would apply from 1 January 2015.
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