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Impact on financial services companies following EU agreement on automatic tax information exchange
15 October 2014
Chris Tragheim, Deloitte tax partner, comments on the EU28 signing up for the Automatic Exchange of Information:
“The Directive will provide the framework for the collection and ultimate exchange of customer information. It shows that the EU is playing a role in the development of a global standard. This means that we will end up with a single system, given that the EU Directive is based on the OECD’s common reporting standard. One challenge will be that it places a significant burden on financial institutions, but it will be less due to the fact that it is following the OECD’s broader regulatory changes. It is clear that HMRC will receive details of accounts held overseas by British people. The Directive will be approved formally at the next Council meeting.”
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