EU - Proposal for expanded automatic exchange of information  

June 12:  The European Commission today proposed extending the automatic exchange of information between EU tax administrations to dividends, capital gains, and other financial income as part of the efforts to counter tax evasion.

According to today’s EC release, the proposal would add dividends, capital gains, all other forms of financial income and account balances to the list of categories that are subject to automatic information exchange within the EU.

The proposal would strengthen and enlarge the scope of the EU Savings Tax Directive and would revise the Administrative Cooperation Directive so that automatic information exchange will also apply to dividends, capital gains, other financial income and account balances.

Today's proposal would mean that EU Member States would share as much information amongst themselves as they have committed to doing with the United States under the Foreign Account Tax Compliance Act (FATCA) provisions.

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