In a post BEPS world, tax transparency is a mantra among stakeholders in government, media, and nongovernmental organizations. The taxpayer may own the funds, but the stakeholders wish to ensure that a chunk of the funds are spent as they deem appropriate. In this environment, governments have a stake in obtaining information on where taxpayers hold their funds and exchanges of information between governments has become a regular occurrence. In the European Union, questions arise as to whether an information request violates a taxpayer’s fundamental rights, and in the event of a fishing expedition, whether the taxpayer has an effective remedy. In a recent decision issued by the ECJ, the court held that financial institutions holding information have rights to intervene, but not taxpayers must wait until a tax authority assesses tax.
Source Ruchelaw
See
- ECJ – C-245/19 & C-246/19 – Judgment – État du Grand-duché de Luxembourg – Right of appeal against a request for information in tax matters
- C-682/15 – Berlioz Investment Fund
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