Brussels, 11/06/2013 (Agence Europe) - On Wednesday, the European Commission will unveil draft legislation to extend the automatic exchange of bank information among tax offices on 1 January 2015 (under EU Directive 2011/16/EU on administrative cooperation in the tax domain) to five new categories of revenue, in addition to income on savings, which is already covered by the updated EU Directive 2003/48/EC.
Under the legislation to be published on Wednesday, information about dividend payments, capital gains and all other types of income arising from deposits in bank accounts and amounts for which a financial institution is debited, including repayments, and the balance of accounts will be added to the areas for which the automatic exchange of bank account information already applies under the above directive (professional income, managers' fees, pensions, ownership, income from real estate and life insurance policies not covered by EU legislation on the automatic exchange of information).
For the five categories of revenue already included in the directive, the automatic exchange of information will only be compulsory when data is “available”, but this exemption will not apply to categories of income included in the draft to be published on Wednesday. For the categories to be unveiled on Wednesday, the automatic exchange of information will be compulsory because this information is already communicated by the member states to the United States' government under the deals signed with the US to implement the American FATCA rules in Europe (the directive says that member states shall share information with each other that they are already providing to non-EU countries). (FG/transl.fl)