The European Parliament’s Economic and Monetary Affairs Committee today voted by a large majority in favour of extending rules on the automatic exchange of information in taxation policy, making full exchange of information the standard across the European Union.
Sharon Bowles MEP, who chairs the committee, commented:
“This is an important step forward in the fight against tax fraud and tax evasion. I have long called for the automatic exchange of relevant tax information between EU Member States and the Commission as part of a coordinated strategy to improve the fight against fiscal fraud. It is clear that individual countries cannot combat cross-border tax fraud in isolation.
“Now that the EU and US have embraced the automatic exchange of information, we must make sure that others follow. The EU must continue to clamp down on tax evasion at the global level by putting pressure on the governments of tax havens when negotiating trade agreements.”
Sharon Bowles MEP called for the automatic exchange of tax information in a report in 2008, prior to the financial crisis and before the recent G20 recommendations.