According to an evaluation published on 16 September by the European Commission, EU’s tax transparency rules on the exchange of information between its states are useful when tackling tax avoidance.
The report provides a snapshot of the legislation underpinning the automatic exchange of tax information on non-financial income and assets of some 16 million taxpayers within Europe, of information exchanges on financial accounts, as well as on the tax rulings that EU States provide multinational companies.
The evaluation shows that EU states now receive considerably more information that can help fight tax fraud, evasion and avoidance, but, they are still in the process of finding the most efficient ways to use the data.
The Commission continues to encourage all EU countries to make full use of their access to the tax information being made available through the new channels. From next year, EU states will also start sharing intelligence on the tax planning advice being provided by intermediaries in each country.