Sabato, 20 Ottobre 2018
ROME

Tax-evasion agreement signed by major European countries

English
© ANSA

(ANSA) - Rome, July 26 - Five European countries on Thursday
signed an information-exchange agreement that aims to help
governments combat tax evasion.
The agreement - signed by Italy, France, Germany, the UK
and Spain - is "an important step in efforts to combat
international tax evasion through the automatic exchange of
information," said Italian Economy Ministry Vittorio Grilli.
The deal, according to a ministry statement, follows
European countries' efforts to improve tax collection and comply
with the impending application of the US's new FATCA (Foreign
Account Tax Compliance Act) rules, which require foreign banks
to report and disclose US interests in foreign financial
institutions and is aimed at preventing tax avoidance by wealthy
US citizens.
The new agreement tells financial institutions what types
of information related to financial accounts they need to
communicate to their relevant national authorities.
The information is then to be exchanged automatically on
the basis of bilateral tax treaties or on existing
information-sharing agreements.
The agreement is open to other countries, the statement
said.
"Cooperation will continue with the aim of reaching
equivalent levels in reciprocal information exchange as well as
the greatest uniformity in the technical application of the
agreed information exchange," it said. "More detailed guidelines
will soon be made available".
The new agreements - among European countries and between
European nations and the US - will respect double-taxation
treaties limitations, according to the statement.

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