Stronger EU rules tax evasion already in place

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New EU rules with the goal of improving Member States’ ability to a collect taxes is in place since the first day of this month. The Directive on Administrative Cooperation in the field of taxation enables stronger cooperation and greater information exchange between tax authorities in the EU.
According to Algirdas Šemeta, Commissioner for Taxation, Customs, Anti-Fraud and Audit “these new rules will bring greater transparency, better information exchange and closer cooperation: fundamental tools for fighting tax evasion.”
The Directive brings an end to bank secrecy: one Member State cannot refuse to give information to another just because it is held by a financial institution.
The Directive also pushes practical and effective measures to improve administrative cooperation on tax matters. Common forms and procedures for exchanging information are provided to make the transmission of data between national authorities quicker and more efficient.
Tax officials may be authorised to participate in administrative enquiries in another Member State. They will also be able to request that their tax documents and decisions are notified elsewhere in the EU. The Directive has a wide scope, covering all taxes except those already covered under specific EU legislation (i.e. VAT and excise duties).
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