The exchange of information on bank account income taxes (the incomes of the clients, obtained from their deposits) between EU countries in regard to the banks of Switzerland, Lichtenstein, Monaco and San-Marino may start from 2017. The corresponding decision was taken this week by EU countries. In accordance to the opinion of Algirdas Šemeta, EU Tax Commissioner, new rules –“is a huge achievement and a significant contribution to the common struggle with tax evasions”.
In order to fulfill the plans, EU member will have to amend corresponding updates into international legislation, which presupposes the annihilation of veto that was imposed by Austria and Luxembourg. In fact, this initiative could have been realized in 2008. But Austria and Luxembourg blocked that decision voting for the banks of Switzerland, Lichtenstein, Monaco, Andorra and San-Marino to be exempt from the rules of exchanging bank account income taxes information. It is well-known that nowadays the banks of abovementioned countries guarantee to their clients 100% bank secrecy and have the right not to reveal the information regarding bank account income taxes.
Alongside with that, European Commission plans to fulfill the negotiations on the implementation of new rules with officials from Switzerland, Lichtenstein, Monaco, Andorra and San-Marino by the end of the year. EU guidelines on administrative collaboration will also be revised by that term (in order to correspond completely to the international standards of information exchange).