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European Countries Agree to Automatic Tax Information Exchange 

Global Tax Adviser

 

April 16, 2013

 

Alexandre Simoneau
Montreal, Canadian Corporate Tax

 

The U.K. has announced an agreement with France, Germany, Italy, and Spain to develop and pilot a multilateral tax information exchange process. According to a U.K. press release, the pilot process to be developed by these five countries will "help catch and deter tax evaders" as well as provide for the automatic exchange of a broad range of financial information among them - similar to the Model Intergovernmental Agreements under the U.S. Foreign Account Tax Compliance Act (FATCA) regime.

A joint letter sent to the European Commission sets out the terms of the agreement. The letter invites other EU member states to join in the pilot project.

 

For more information, contact your KPMG adviser.

 

Information is current to April 16, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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