G5 takes joint action to combat tax evasion

09 April 2013

In a joint letter to the European Commission, the finance ministers of the G5 – France, Germany, Italy, Spain and the UK – have today committed themselves to working even more effectively together to combat international tax evasion.

As a first step, the G5 finance ministers plan to expand the automatic and multilateral exchange of information relating to capital income beyond the provisions of the EU’s Savings Directive. The five countries will launch a pilot project based on the arrangements made with the US in July 2012 implementing the US’s disclosure requirements under the Foreign Account Tax Compliance Act (FATCA), which serve as a model for subsequent bilateral agreements.

In their letter to the European Commission, the G5 finance ministers invited other EU Member States to join in the pilot, so that the enhanced system of automatic information exchange can be established as a new standard within the EU. The five finance ministers also called on all EU Member States to adopt the amending proposal to the Savings Directive without delay.

The new initiative to expand the automatic exchange of information in tax matters takes up recent international developments in this area, particularly within the G20G8and OECD frameworks.

Press release

Letter


© Bundesfinanzministerium