European Commission seeks to expand automatic information exchange between EU Member States

Global Information Reporting
& Withholding Newsbrief

European Union (EU) Tax Commissioner Algirdas Šemeta on June 13, 2013 presented a Proposal for a Council Directive intended to combat tax evasion by expanding the scope of the automatic exchange of information (“AEOI”) between EU Member States on “dividends, capital gains, all other financial income and account balances” and is planned to take effect from January 2015 related to the taxable period from 1 January 2014. Such an enhanced exchange of information would result in the EU having the most comprehensive tax information exchange system in the world and is intended to set the global standard for other nations to adopt in the future.

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