EUROPEAN COMMISSION DAILY NEWS – 18 DECEMBER

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EUROPEAN COMMISSION DAILY NEWS - 18 DECEMBER
17 Dec 2018

EUROPEAN COMMISSION DAILY NEWS – 18 DECEMBER

Brussels Daily

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Tax Transparency: Member States exchanged information in 2017 on nearly 9 million financial accounts with a total balance of almost €3 trillion

EU transparency rules lead to Member States compiling and sharing data from 8.7 million financial accounts with a total value of €2,900 billion in 2017, according to a report published by the European Commission today. Similarly, between 2015 and 2017 Member States shared information on over €120 million in income and capital belonging to nearly 16 million taxpayers resident in one country but receiving income from another. The report also shows that some countries have been able to use this data to increase their tax base due to a new awareness of potentially taxable foreign income and capital of their tax residents. The first rules governing the automatic exchange of tax information came into force in 2015 with Member States being obliged to inform each other of the financial account information of individuals who are tax resident in another Member State. From 2017, EU Member States also began to provide each other automatically with information on financial accounts held by private individuals and certain entities. The system was given another boost in 2017 when Member States began exchanging information on certain tax rulings and pricing arrangements with multinational companies: 18,000 such rulings have already been shared, compared with about 100 such rulings in 2015. That said, a lot of work remains to make sure information exchanged is of the highest quality possible and put to full use. In particular, Member States have to improve the way they collect and exploit the data they exchange. Work should also continue on assessing the full benefits of exchange of information. To this end, the Commission has begun work on evaluating the current toolbox to see how it can be improved. More information on the Directive for Administrative Cooperation and the full report is available here.

 

Read the European Commission – Daily News in full here

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