Brussels, 25/01/2013 (Agence Europe) -EU Taxation Commissioner Algirdas Semeta has warned that he will open proceedings against Austria if, along with Luxembourg, it refuses to join the automatic exchange of information about savings tax set out in the revised EU savings tax directive for people from other member states when it is preparing just such an agreement to provide information about US nationals with bank accounts in Austria in order to comply with the FATCA law in the United States.
In an interview with Belgian newspaper De Standaard on Friday 25 January 2013, the commissioner warned that a country like Austria cannot exchange bank account information with the United States and refuse to do the same with its EU partners. If an EU member state offers better conditions to a non-EU country, then that is a legal infringement that can lead to the European Commission lodging a complaint. In the same interview, Semeta slammed the way Austria and Luxembourg are veto-ing agreement at the Council of Ministers on a mandate for the European Commission to negotiate an exchange of bank information deal with Switzerland and four other tax havens (Andorra, Liechtenstein, Monaco and San Marino). The veto allows the two countries to maintain banking confidentiality and is totally unacceptable, politically speaking, at a time when member states are struggling and need income urgently, he said, adding that Austria has unilaterally signed tax deals with Switzerland and Liechtenstein that allow all sides to keep their banking confidentiality. (FG/transl.fl)