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Proposed ‘European FATCA’ May Face Rocky Road to Implementation
By Bennett Voyles
printA plan to require member-states of the European Union to automatically exchange tax-related data in an effort to boost government revenues is likely to face political and logistical challenges. On Wednesday, the European Commission said it would call on EU countries to automatically share information on the income earned by non-residents with the governments where the individuals legally reside. The initiative would build on the 2005 EU Savings Tax Directive and the 2013 Administrative Cooperation Directive, which called for increased disclosures of income, pensions and other assets. Under Wednesday's plan, member-states would also share data on dividends, capital gains and...
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