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Austria Given Extra Year To Automatically Exchange Tax Data

by Ulrika Lomas, Tax-News.com, Brussels

17 October 2014


At a meeting of the EU's ECOFIN council in Luxembourg this week, the member states of the European Union agreed to expand the scope of mandatory automatic exchange of tax information by 2017, with Austria being granted an extra year to develop the infrastructure needed to comply with the new law.

Under the new law tax authorities in the EU will be required to exchange information on interest, dividends and other income, as well as account balances and sales proceeds from financial assets. They are already required to share information on income from employment, directors' fees, life insurance, pensions and property under an existing law.

Austria said it needed more time to create a new reporting system and was given until 2018 to comply. Luxembourg also initially said it would need more time, but then agreed to meet the 2017 deadline.

The new law, which is intended to combat tax evasion, will bring the EU in line with the global standard on tax information exchange adopted by the Organisation for Economic Cooperation and Development (OECD) in July this year. It also commits EU states to share the same level of information with each other as they do with the United States under the Foreign Account Tax Compliance Act (FATCA).

The new directive will be adopted at a forthcoming Council meeting without further discussion, once it has been finalised in all official languages. Based on article 115 of the Treaty on the Functioning of the EU, it needs unanimity for adoption by the Council, after consulting the European Parliament.

TAGS: Foreign Account Tax Compliance Act (FATCA) | tax | pensions | interest | FATCA | law | insurance | Organisation for Economic Co-operation and Development (OECD) | Luxembourg | fees | Austria | United States | dividends | European Union (EU) | Compliance | Europe | Tax

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