Photo © Maksym Yemelyanov – Fotolia
(BRUSSELS) – New rules which oblige EU Member States to give tax authorities access to data collected under anti-money laundering legislation entered into force on 1 January 2018.
As of 1 January 2018, national tax authorities will have direct access to information on the beneficial owners of companies, trusts and other entities, as well as customer due diligence records of companies.
The new arrangements should give a major boost to tax authorities in the fight against the types of structures highlighted in the ‘Paradise Papers’.
The European Commission welcomed the new rules: “We want to give tax authorities crucial information on the individuals behind any company or trust,” said Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs. “This is essential for them to be able to identify and clamp down on tax evaders. To do this, tax authorities will now have access to anti-money laundering information.”
The EU executive says the new amended rules, enshrined in the Directive on Administrative Cooperation (Directive 2011/16/EU), will give tax authorities much-needed access and enable them to react quickly and efficiently to cases of tax evasion and avoidance.
