Agreement at 27 Ecofin members on the extension of the scope of automatic exchange of information between tax administrations from 2017. Austria will comply at the latest to adopt the same rules from 2018. The revision of the directive concerns the automatic exchange of tax information about interest, dividends and other financial income such as profits from the sale of financial assets.
“Today's agreement is a strong contribution from the EU to global governance,” commented Economy Minister Per Carlo Padoan, in his capacity as Ecofin's current president. This is an undoubted improvement in the legislation to combat tax fraud and evasion. This broadens the basis for the automatic exchange of tax information. Another step towards dismantling a fundamental aspect of banking secrecy.
