The Malta-EU Steering and Action Committee (MEUSAC) together with the Ministry for Finance, Economy and Investment (MFEI) organised a consultation session on ‘Proposal for a Council Directive Amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation’.
This consultation session focused on a system of automatic exchange of information through which Member States collect data on income earned in their territory by non-resident individuals. They then automatically transmit this data to the authorities where the individual resides, so that it can be taxed in line with the Member State of residence's rules.
This proposal will mean that Member States share such information amongst themselves according to their commitment with the USA under the Foreign Account Tax Compliance Act (FATCA).
The consultation session was held on Friday, October 25, 2013 at MEUSAC in Valletta.