LUXEMBOURG: Finance ministers of European countries may sign a pact on the automatic exchange of bank data next week to curb tax evasion within the EU.
According to diplomatic sources, the agreement would trigger automatic exchange of information for all EU countries from 2017. As per the deal, if someone living in one European Union country opens a bank account in another EU member state, the tax authority in the person’s country of origin will automatically be informed.
The European Commission wants all 28 EU member states to strengthen rules on how income on savings in bank accounts is taxed, including an automatic exchange of information about which account holders receive what interest payments.
