If the U.S. doesn’t agree by June 2019 to exchange the bank account details of non-U.S. citizens with governments around the world, it will be placed on the European Union’s tax haven blacklist.
The U.S. is on the clock as the 2019 deadline nears for adopting and applying the Organization for Economic Cooperation and Development’s common reporting standard, Valere Moutarlier, the EU’s head of direct taxation, told a new European Parliament tax investigative committee May 15. The Paradise Papers panel was set up in March following a data leak of more than 13 million files detailing the way wealthy individuals and large companies avoid taxes via offshore structures, such as trusts.
“We have transparency criteria that is very clear that the June 2019 deadline must be respected,” said Moutarlier, a director at the European Commission’s Directorate-General for Taxation and Customs Union, in response to numerous questions from EU lawmakers about why the U.S. isn’t already on the blacklist.
Read the original article here: bna.com
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