Brussels, 21/06/2013 (Agence Europe) - The Ecofin Council in Luxembourg on Friday 21 June broadly welcomed the European Commission's proposal to adjust the EU directive on administrative cooperation on direct taxation (2011/16/EU) to gradually extend the compulsory exchange of bank and tax information (AEI) from 1 January 2015 onwards among member states to new categories of income (see EUROPE 10870). In addition to the revised savings tax directive (which should be adopted by the end of the year), the draft AEI directive gives the EU the most complete legislation in the world in this domain with a view to clamping down on tax fraud, explained the EU taxation commissioner. It comes as initiatives to this effect are mushrooming around the world (the US FATCA and exchange of information rules being drawn up by the OECD). Several ministers said all these bodies must work together on a global AEI. Several issues were raised about whether all member states would be able to get their hands on the tax information required for all the new products and players before the deadline. Countries commented on the need, alongside AEI, for measures to be taken to cut the costs of this for banks and an examination of the option of exonerating some products and players who are not likely to defraud the taxman. There was criticism of the absence from the Commission's draft legislation of any mention of equal treatment of all financial centres around the world. Commenting on the mandate the Commission has been given for adjusting the EU's tax agreements with five countries in Europe, Commissioner Semeta said that Switzerland and Liechtenstein have said they are prepared to discuss AEI with the EU, and he is awaiting a reply from San Marino and Monaco, two countries to which he will shortly be making an official visit. (FG/transl.fl)