Brussels has proposed changes in regulations for the automatic exchange of banking information between EU countries.

New regulation will take under concern not only savings accounts, but also pension funds and income from securities. It is estimated that each year, the European Union is losing about one billion euros by dishonest taxpayers.

The new proposals are the consequences of the recent summit meeting, where European leaders instructed the Commission to prepare changes in legislation. Brussels hopes that they will apply from January 2015, but first it should be agreed between all European countries. Easing bank secrecy isn?t still agreed with Austria and Luxembourg. These counties declared that they are ready to accept new ideas, only when  the same rules will be applied in Switzerland, their huge competitor in banking market.

As you can see officials are creating new tax regulation  all the time. To avoid problems with income taxes check out our Corporation Tax module:
http://24ivalue.com/module/cit/

Main page Other posts