HM Treasury have announced that it has agreed with France, Germany, Italy and Spain to develop and pilot the multilateral exchange of tax information. A wide range of financial information will be automatically exchanged between the countries to help catch
and deter tax evaders as well as to provide the template for wider multilateral automatic information exchange.
The pilot is based on the model intergovernmental agreement on FATCA in order to minimise costs for both businesses and governments. A joint letter has been published by the European Commission setting out the terms of the agreement.
RELATED LINKS
http://www.hm-treasury.gov.uk/press_37_13.htm
http://www.hm-treasury.gov.uk/d/g5_letter_to_european_commission_090413.pdf