Finance ministers of European countries are set to reach an agreement on the automatic exchange of bank data next week, Reuters reported quoting diplomatic sources.
The deal is under discussion ahead of a meeting of EU finance ministers in Luxembourg on 14 October 2014.
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If signed, the deal would trigger automatic exchange of information for all EU countries from 2017.
However, Luxembourg and Austria may be granted an additional year in ‘worst case scenario’ before applying the rule, a European diplomat told Reuters.
Another diplomatic source said talks are on to set a single date for all EU countries and also confirmed a deal on the issue would be reached next week.
Under automatic information exchange, if someone living in one European Union country opens a bank account in another EU member state, the tax authority in the person’s country of origin will automatically be informed.
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