INTERNATIONAL TAX PLAZA - Council of the European Union announces that it adopted a directive that revises Directive 2011/16/EU on administrative cooperation in the field of direct taxation

December 9, 2014

On December 9, 2014 the Council of the European Union issued a press release announcing that it adopted a directive that revises Directive 2011/16/EU on administrative cooperation in the field of direct taxation.

According to the press release the directive brings interest, dividends, gross proceeds from the sale of financial assets and other income, as well as account balances, within the scope of the automatic exchange of information. It accordingly revises Directive 2011/16/EU on administrative cooperation in the field of direct taxation. The dual aim is to prevent taxpayers from hiding capital abroad or assets on which tax is due, whilst also improving the efficiency of tax collection.

According to the press release member states will start exchanging information automatically under the revised directive for the first time by the end of September 2017, along with other OECD "earlier adopters". Austria announced that it will join the other member states in doing so by the same date, thereby not making full use of a derogation it obtained when political agreement was reached in October 2014.

For further information, click here to be forwarded to the press release as issued by the Council of the European Union.

Follow International Tax P laza on Tw itter (@IntTaxPlaza)