Debate: Implementation of EU requirements for exchange of tax information
Date: WEDNESDAY, 15 SEPTEMBER 2021
Speaker: Paolo Gentiloni
Language: EN

On most of the points raised, the Commission can agree that, in principle, they would improve the existing framework. Some of the points will, most likely, be covered in the next amendment to the directive, the so-called DAC 8, for which a proposal is expected in the first quarter of next year. DAC 8 is intended to cover the reporting and exchange of information on crypto assets and e-money. It will take into account the progress made on the regulation of the market for crypto assets in the EU, as well as the parallel work on reporting and exchange of information. DAC 8 will also seek to ensure more coherence across the EU, as regards penalties and other compliance measures. Our intention is also to include further amendments to the scope of the Directive close to those recommended in your report, in order to strengthen the fight against tax avoidance and tax evasion. We agree on the importance of improving the relevance and comprehensiveness of the scope. Over the years, the number of categories of income covered by the Directive has been gradually increased. At the same time, we need to consider the availability of information and allow Member States to adjust to new requirements.  We also agree that it would be useful to consider expanding the scope of the exchange of information on rulings and advance pricing agreements to include, for instance, rulings concerning individuals. The proposal to add additional reporting obligation for financial institutions to report information on the ultimate beneficial owner of the account would be useful. Such a significant amendment requires, of course, a wider analysis of the due diligence and reporting rules for financial institutions.  The Commission is also working intensively on transposition control of Anti-Money Laundering Directives four and five, and on ensuring timely creation of national beneficial ownership registers and their crossborder interconnection. The report also highlights the need to improve the monitoring of the implementation of the directive. We agree that this is an important point.  Apart from the monitoring of legislative transposition, the Commission is checking the application in an annual survey. The survey is constantly adapted to the evolving needs and serves as a basis for decisions on which further actions to take. And this is, of course, following also the call of honourable Giegold before. On a more general point, the Commission very much agrees that the access to the requested documents on the implementation of the directive would have been important for the Parliament’s work. As you know, my services have done their utmost, within the legal constraints imposed by the framework agreement on relations between the Parliament and Commission, to support your request in this context.  We were bound by the framework agreement – the interpretation we gave of the framework agreement – to ask for the Member States’ consent for those documents that belong to them. That being said, we will certainly continue as we have done until now to entirely support the European Parliament in its work and to reiterate the request. We are very grateful to you for all your support to the Commission in the fight against tax fraud, evasion and avoidance.