After a five-year delay, the European Union directive on automated sharing of tax information is now poised to move forward throughout the bloc as Austria and Luxembourg withdrew their objections to the law last week.
Designed to crack down on tax evasion and bank secrecy, the EU Savings Tax Directive calls for the automatic exchange between national tax authorities of information gathered from banks and financial institutions. It enables Member States to collect income data on non-residents and share it with tax authorities where the individual or company is based.
