NEW EU DIRECTIVE REQUIRING ACCESS TO BENEFICIAL OWNERSHIP INFORMATION BY TAX AUTHORITIES

On 3rd January, the European Commission welcomed the entry into force of new rules obliging Member States to give tax authorities access to data collected under AML legislation.  As of 1st January, national tax authorities will have direct access to information on the beneficial owners of companies, trusts and other entities, as well as customer due diligence records of companies.  The new amended rules, enshrined in the Directive 2011/16/EU on administrative co-operation in taxation, is intended to give tax authorities much-needed access and enable them to react quickly and efficiently to cases of tax evasion and avoidance.

http://europa.eu/rapid/press-release_MEX-18-5441_en.htm

http://eur-lex.europa.eu/legal-content/en/ALL/?uri=CELEX:32011L0016

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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