Another EU summit ended in Brussels

Another EU summit ended in Brussels

On 22 May 2013, the EU summit was held in Brussels. The European leaders have committed themselves to agree by the end of this year the procedure of automatic exchange of information involving disclosure of information on account holders (the agreement on which was reached in 2008) and also the information on corporate taxes.

The President of the EC Mr Herman Van Rompuy said that the European Commission received a mandate to enter into negotiations with countries outside the EU (Switzerland, Liechtenstein, Monaco, Andorra and San Marino) for the exchange of banking information and taxation of savings income.

Within the EU, Austria and Luxembourg continues to oppose to the exchange of banking information due to their interest in inflow of foreign investments. They believe that the introduction of restrictions on banking secrecy in Europe will cause a significant outflow of capital from the Old Country. It is assumed that the bank data on income from capital and corporate finance transactions in all EU countries, including Luxembourg, will be available for regulatory authorities without any additional requests. Liechtenstein and Switzerland announced willingness to join the initiative provided the regime of legalization of funds will be "gentle."

According to the European Commission’ research, every year the budgets of the EU member states lose around € 1 trl of tax revenue. This sum corresponds to the EU’s budget over 7 years.

It is assumed that already in June, the European Commission will propose amendments to the Directive on cooperation in the field of taxation. Amendments to be worked out will be promoted as a new international standard and will apply rules of automatic exchange of information in relation to any type of income.

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