New Rules for Exchange of Financial Information
New Rules for exchange of Financial Information between the Tax Authorities of EU Member States as of 1 January 2016.
The European Commission (‘EC’) announced new rules to facilitate the exchange of financial information by the EU Member States in order to allow tax transparency and cooperation between the Tax Authorities. New practical arrangements are put in place for entry into application of the amended ‘Directive on Administrative Cooperation’ as of 1 January 2016.
As of 1 January 2016, information will be exchanged between the Tax Administrations of EU Member States with respect to all relevant financial income which includes:
Interest, dividends and other similar types of income
Information on account balances
Proceeds from the sale of financial assets and
Income from certain insurance products
The EC stated that these rules are consistent with the OECD global standard of exchange which means, that EU Tax Authorities will be able to use one single format for exchanging information both within and outside the EU.
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