Translation of "Automatischer informationsaustausch" in English

Two key pieces of legislation already provide for the automatic exchange of information within the EU.

Two key pieces of legislation already provide for the automatic exchange of information within the EU.

What is the automatic exchange of information?

Multilateral automatic exchange of information [DE] Comes with the renegotiation of the cross-border European Savings Tax Directive the end of banking secrecy in Andorra?

There is, also, a need for closer cooperation as, with the exception of movement verification under Article 15b of Directive 92/12/EEC, there are few automatic or spontaneous exchanges of information between Member States.

The European Union must also send out only one message internationally, and fight for the improvement of OECD standards to achieve the automatic sharing of information, instead of sharing on request.

I remain convinced that the automatic exchange of information between Member States on interest payments is a means and not an essential condition for ensuring effective taxation of cross-border interest payments.

This includes continuing to promote developing countries' contribution to international tax standard setting and pushing for more inclusive international coordination, among others through the G20-OECD BEPS and Automatic exchange of information initiatives (AEOI), the UN Committee of Experts on International Cooperation in Tax matters and the regional bodies like African Tax Administration Forum (ATAF), centre de rencontres et d'études des dirigeants des administrations fiscales (CREDAF) or the Inter-American Center of Tax Administrations (CIAT).

Sharing experience in international tax cooperation gained through applicable instruments such as the EU Savings Taxation Directive, in order to explore the relevance and feasibility of multilateral agreements and automatic exchange of information for developing countries.

The Commission estimates that the types of administrative cooperation will increase in number after adoption of the new directive (more requests for information, spontaneous information, automatic exchanges, simultaneous checks, auditors in another Member State's offices, and sharing of information).

Automatic exchange of information on tax rulings may also deter companies from aggressive tax planning on the basis of tax rulings, since other Member States will now have the information needed to detect and react to artificial arrangements and profit shifting.

In 2015, negotiations for a revised agreement with a view to broadening its scope and reflecting international developments in the field of tax transparency, including the global shift towards automatic exchange of information, were concluded.

The Commission considers that automatic information exchange is the best means of safeguarding Member States’ revenues and promoting the interests of a fully functioning single market in pensions.

Cooperation is also not intensive enough, in that, apart from the VAT information exchange system (VIES), there are not enough automatic or spontaneous exchanges of information between Member States.

There is, finally, a need for closer cooperation as, with the exception of movement verification under Article 15b of Directive 92/12/EEC, there are few automatic or spontaneous exchanges of information between Member States.

In this context, we worked closely with regulators and participated in working groups and consultations at an international level (e.g. FSB TLAC and FRTB, standardized approach for credit risk, development of an inclusive regulatory equivalence framework) and at a national level (e.g. “Too Big to Fail, automatic exchange of information in tax matters, and the Swiss Federal Financial Services Act and Financial Institutions Act [FFSA/FinIA]) once again in 2015.Â

First, automatic information exchange would free governments from massive amounts of administrative work required by preventative and investigative action regarding economic crimes and other tax matters.

The Zurich financial center is under pressure due to the present international tax dispute (OECD standards, Automatic information exchange, tax evasion as a predicate offense for money laundering, holding and lump-sum taxation, FATCA, group inquiries, investor protection and access to financial markets, whistleblower protection, hidden capital of Political Exposed People etc) and in particular by the criminal investigations in the U.S..

It is the purpose of the central control unit 3 to store, evaluate, and handle the data which arrive from the teleservice terminal apparatus 1 a by way of the subcontrol unit 5 as well as the data which are supplied by the user apparatus 2 and transmitted by way of the communication networks 4, so that an automatic information exchange between the teleservice terminal apparatus 1 a and the user apparatus 2 is possible without a direct communication therebetween.

An automatic exchange of information shall be set up between the tax authorities of those countries, in which companies are economically active.

On October 29, 2014 in Berlin, representatives of the OECD's “Global Forum on Transparency and Exchange of Information for Tax Purposes” signed an agreement governing the automated exchange of data on financial accounts (or CRS - Common Reporting Standard, also called the AEOI - Automated Exchange of Information).

Private investors are excluded as well as natural persons resident in a country with an automatic exchange of information.

An automatic exchange of information has always been declared as a long-term objective in both the framework of the OECD Model Agreement and in the course of negotiations since the mid-1990s concerning the Savings Tax Directive which has been in force since 2005.

As a result of the rapid international developments towards the automatic exchange of information, the implementation of an extended due diligence is at this time is not purposefully and risks to already become obsolete and therefore redundant.

It is clear to the SBA that the most recent international developments concerning automatic information exchange (AIE) indicate the pressure on Switzerland to adopt a (global) AIE regime is being kept up and even increasing.

The objective of an automatic exchange of information is to ensure that national tax authorities cooperate to improve their own standard of knowledge to enable them to tackle tax fraud and tax avoidance more effectively.Hence, this Directive is within the context of other initiatives on combating tax fraud, tax evasion and tax avoidance.