The EU tells countries not doing automatic information exchange get on with it, or be fined

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Reuters has reported:

The European Commission told five European Union countries on Thursday they must enforce new EU laws aimed at tackling tax evasion within the next two months or else face court action.

The EU’s executive warning to Italy, Poland, Belgium, Greece and Finland’s self-governing Aland Islands comes amid increased public anger about large international companies and wealthy individuals who pay little or no tax.

The new laws require states to share information with each other on possible tax evaders and set deadlines for how quickly information must be provided. Countries cannot refuse requests to share information by saying the data is held by banks.

It is unfortunate that more attention is not being given to the EU on this issue: it has the power to deliver real change impacting a lot of countries now.

More than the G8, maybe.