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European Parliament Approves Automatic Exchange of Bank Account Information and Access to Beneficial Ownership Information

|Proposed Changes|European Union
European Union

The European Parliament has approved a proposed directive that will enable and oblige tax authorities in EU Member States to automatically share information such as bank account balances, interest income, and dividends with their counterparts in other Member States (press release). This also includes access to beneficial ownership information that would enable tax authorities to identify the real owners behind any entity and legal arrangement, such as trusts.

With the proposed directive appr…

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