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New transparency rules for financial intermediaries

13.3.2018 – The European Commission has welcomed the political agreement reached by the EU Member States today on new transparency rules for intermediaries- such as tax advisers, accountants, banks, and lawyers – who design and promote tax planning schemes for their clients. The decision waakentermediarn by EU Economic and Financial Affairs ministers at their meeting in Brussels this morning. First proposed by the Commission in June 2017, the new measures build on a multitude of ambitious rules to fight tax avoidance and to boost tax transparency already agreed at EU level under the Juncker Commission. Once in force, tax intermediaries who provide their clients with complex cross‑border financial schemes that could help avoid tax will be obliged to report these structures to their tax authorities. In turn, EU Member States will exchange this information with each other, further increasing scrutiny around the activities of tax planners and advisers.The new reporting requirements will enter into force on 1 July 2020, with the EU Member States obliged to exchange information every 3 months after that. The first exchange will take place on 31st October 2020. More: here

Source: EC Press

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