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Luxembourg to Reveal Bank Data
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France, Germany, Italy, Spain and Britain agreed to have automatic exchange of information for offshore accounts to fight tax evasion. Luxembourg agreed to join this group. The EU nation move follows the U.S. Foreign Account Tax Compliance Act of 2010 which requires foreign banks and entities to disclose accounts of U.S. citizens, in an effort to fight tax evasion.
Automatic information exchange agreement between EU nations to fight tax evasion in 2013
03/09/2012
France, Italy, Spain, Germany, and Britain agreed to an automatic information exchange on offshore accounts to fight tax evasion. Luxembourg also agreed to such exchange of information. This follows a scandal in France after news revelations that a budget minister in France had offshore accounts.
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