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ROUNDUP / Worldwide exchange of information: financial services still need to wait News

Friday, October 6th, 2017 | bitcoin updates

BERLIN (dpa-AFX) – In the fight against tax fraud, the finances will be able to use the first globally exchanged financial data only from the beginning of 2019. Michael Sell, the tax department manager in the Federal Ministry of Finance, said the "Wirtschaftswoche", "the first data will be sent to the financial authorities in early 2019". It is true that the first of 102 countries participating in the automatic exchange of tax data had sent their data to the Federal Tax Office. However, the allocation of the millions of data from German taxpayers from abroad to the competent financial authorities proved to be a problem. On September 30, Germany and 49 other states as well as territories exchanged financial data in the tax area for the first time. This means that comprehensive data on the accounts of foreigners are forwarded to their home countries at their banks, starting with 2016. From September 2018, a total of 102 countries want to go with them. This makes it more difficult for taxpayers to transfer black money abroad. The head of the tax union, Thomas Eigenthaler, had recently estimated that around 30 million data records would come to Germany in the long term. He also assumed that the data on the local financial market would probably only arrive in 2019. It would take so long before the Federal Central Office for taxation, where the international data was initially collected, would have sighted and sorted the material. In the Federal Ministry of Finance, the automatic information exchange was a process. Data transfer is "steadily increasing and improving quality". "The delivery of country-specifically packaged data to the federal states is expected to begin in the first quarter of 2019." / sl / DP / jha

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