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Miguel Carvalho

Information Exchange Law Marks The End Of Bank Secrecy

By Miguel Carvalho 2015-07-01 Economy Comments

The European "information exchange" law has lifted the veil of bank secrecy.

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The information exchange law will end with undeclared gains abroad. Image by Dave Dugdale / CC

All signatory states will automatically log and intercommunicate every financial transaction and income earned abroad. Such information includes dividends, capital gains, income from employment, interest, other financial income and account balances (paid, guaranteed or held by a financial institution).

The European Information Exchange directive is expected to be a national law on all signatory countries by 1st January 2017.

This means that by 2017 all signatory state tax authorities will automatically exchange information between themselves. The information exchange will cover most categories of income and capital for both individuals and corporate bodies.

There are also plans for the future junction with the FATCA (Foreign Account Tax Compliance Act) of the United States. FATCA was designed to prevent tax evasion by US citizens using offshore banking, introducing reporting requirements for foreign financial institutions with respect to accounts held by US residents.

5 countries, UK, France, Germany, Italy, and Spain are already participating in a pilot project serving as a test to the general implementation phase which is scheduled for 2017.



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