Automatic exchange of tax information with other countries

Poland has become the first country in the region of the G5 to join an automatic exchange of tax information with other countries” – openly said the Polish Finance Minister Jacek Rostowski during the meeting with his European counterparts, which took place in Brussels in the second half of May 2013. The respective pilot project has been launched by 5 countries, namely, UK, France, Germany, Italy, Spain.

However, till today the tax information exchange does not happen automatically, it’s only offered on demand, which in fact makes the tackling of the potential tax evaders rather difficult. The ministers gave a green light to the European Commission to negotiate a new agreement on the taxation of the capital income with Switzerland, Liechtenstein, Monaco, Andorra and San Marino. Up to now this mandate has been blocked by Austria and Luxembourg, both countries are bound by the Banking secrecy.

Source: Polish-German Chamber of Commerce