EU Presses Ahead With Tax Info Sharing Plans
European Union (EU) member states could be obliged to collect and automatically share data as early as 2017.
The European Parliament has backed the Commission's plans to require countries to automatically exchange information on employment, directors' fees, life insurance, pensions, and property. In addition, by 2017, the proposed new rules would compel member states to hand over data on other income, including that from dividends, capital gains, and bank account balances.
The plenary session of parliament also called for the tax gap to be halved by 2020, and urged the Commission to introduce a set of tangible targets for reducing it. The Commission was further requested to establish a standardized set of indicators for measuring tax evasion and avoidance.