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ARTICLE · 22 DECEMBER 2015

German Bundesrat decides on Information Exchange on Financial Accounts

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In its meeting of 18 December 2015, the German Bundesrat approved the Act on the Automatic Exchange of Information on Financial Accounts in Tax Matters and on the Amendment of other Acts (Finanzkonten-Informationsaustauschgesetz ("FKAustG")).

GermanyTax
Dr Ingo Kleutgens
Dr Ingo Kleutgens
Dr. Cornelia Wiendl
Dr. Cornelia Wiendl
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In its meeting of 18 December 2015, the German Bundesrat approved the Act on the Automatic Exchange of Information on Financial Accounts in Tax Matters and on the Amendment of other Acts (Finanzkonten-Informationsaustauschgesetz ("FKAustG")). The German Bundestag had previously adopted the draft law on 12 November 2015. The Act governs the application of a common reporting standard for the automatic exchange of information on financial accounts with EU member states and third countries. It will enter into force on the day after its promulgation.

Background

The Organization for Economic Co-operation and Development ("OECD") has developed a global standard for the automatic exchange of information on financial accounts in tax matters. This standard was the basis for a multilateral agreement that was signed by Germany and 50 other states on 29 October 2014; in this agreement, the signatory states committed to the exchange of information on financial accounts. In

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