EU Commission to Propose New Plan for Automatic Tax Data Exchanges: Official

By Brian Monroe

European Union officials discussed plans Tuesday to cooperate with a U.S. law aimed at tax evaders, and the expected introduction of a new model agreement for related, reciprocal data exchanges. In a hearing held by the EU Parliament's Economic and Monetary Affairs Committee, lawmakers discussed their intentions to comply with the U.S. Foreign Account Tax Compliance Act, or FATCA, as well as their concerns that doing so could infringe on privacy rights. Participating financial institutions must begin sharing data on their American clients by next year, under the law. To help coordinate how EU member-states will share tax-related data, officials...