The European Commission on Monday welcomed the European Council's adoption of a directive intended to speed the flow of information between the tax authorities of Member States.
The directive relates to direct taxation (income tax, company tax and capital gains tax), together with insurance premium tax, and enables EU member states to co-ordinate their investigative action against cross-border tax fraud and to carry out more procedures on behalf of each other.
The legislation is based on a Commission proposal of July 2003, and is designed to update and rectify weaknesses in the existing Directive on Mutual Assistance.
It additionally complements other recently adopted EU legislation in the field of information exchange, the agreement on savings income, and the regulation on strengthening administrative co-operation with regard to VAT.
Speaking on Monday, Taxation Commissioner, Frits Bolkestein announced that:
"I am pleased that the Council has adopted this Directive to improve cooperation between national tax administrations in the fight against fraud," adding that:
"Tax dodgers and cheats must not be allowed to get a free ride on the backs of honest taxpayers".
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