The Commission, after years of pressure from the European Parliament, finally presented its proposal on 12 June 2013 to extend the automatic exchange of information (AEOI) between EU tax administrations as part of the intensified fight against tax evasion. Under this proposal, dividends, capital gains, all other forms of financial income and account balances will be added to the list of categories which are subject to AEOI within the EU. This would pave the way for the EU to have the most comprehensive system of information exchange in the world.
Member states will now share as much information amongst themselves as they have committed to doing with the USA under the Foreign Account Tax Compliance Act (FATCA). The report also addresses data protection issues, stating that the directive should be in line with existing law in this area.