1 General news
1.1 New multilateral action to combat tax evasion
The Government has agreed with France, Germany, Italy and Spain
to develop and pilot multilateral tax information exchange. Under
the agreement, a wide range of financial information will be
automatically exchanged between the five countries. This will help
catch and deter tax evaders as well as provide a template for wider
multilateral automatic tax information exchange.
This pilot will be based on the Model Intergovernmental
Agreement to improve international tax compliance and to implement
FATCA developed between these countries and the US (which also
formed the basis of the subsequent UK-US bilateral automatic
exchange agreement). This will help ensure that international tax
evasion is tackled in a way that minimises costs for both
businesses and governments.
