On 9 December 2014, the EU Council adopted the Directive amending Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation (“EUDAC”).
A decisive step was taken towards the adoption of a FATCA-like automatic exchange of information (“AEoI”) mechanism throughout the European Union (“EU”) on 14 October 2014, when a political agreement was found for the revised EUDAC.
This political agreement will now be transposed into actual EU law subsequent to the formal adoption of the revised EUDAC by the EU Council.
Under the revised EUDAC, information related to fiscal years as from 1 January 2016 will be exchanged on an automatic basis between Member States as from 1 January 2017.
For further information, please refer to our Tax Newsletter 2014-21 or our article written in the AGEFI Luxembourg in November 2014.
Member States will start exchanging information automatically under the revised EUDAC for the first time by the end of September 2017, along with other OECD "earlier adopters" under the Common Reporting Standard (“CRS”).
On 9 December 2014, 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, please do not hesitate to contact us.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.