THE EU’s largest economies agreed on Thursday to share information on secret owners of trusts and businesses.
The data exchange between Spain, UK, Italy, Germany and France is a response to public concern over the Panama Papers revelations.
It is designed to make it more difficult for businesses and wealthy individuals to operate without paying the correct amount of tax.
Going forward, information on the ultimate ‘beneficial owners’ of companies or trusts will now be automatically exchanged.
They will also create new registers of financial trusts.
The tax crackdown has been welcomed by the International Monetary Fund, whose chief Christine Lagarde said it added to the momentum building against those who sought to hide income and assets.
- WATCH: Aircraft and dozens of firefighters called to huge forest fire in Spain’s Andalucia - 23 Jan, 2019 @ 14:48
- Direct Malaga to NEW YORK flights available from May 2019 - 22 Jan, 2019 @ 18:20
- Expats pay tribute to Marbella businessman ‘linked to TOWIE stars and Mohamed Al-Fayed’ after he was brutally gunned down on doorstep - 22 Jan, 2019 @ 14:03
- Marbella shooting victim identified as high profile Costa del Sol businessman behind Linekers - 21 Jan, 2019 @ 18:30
- WARNING: Orange alerts for SNOW, wind and strong waves across Spain and Andalucia this week - 21 Jan, 2019 @ 14:59
- Expat appears in court after shooting and killing boy, 4, during hunt in Spain’s Andalucia - 21 Jan, 2019 @ 12:45
- Man shot to death inside his Bentley on Spain’s Costa del Sol in latest mafia hit - 21 Jan, 2019 @ 11:26
- Malaga law firm secures regulation from the Ministry of Justice after winning more than €1 million back from timeshare giants last year - 20 Jan, 2019 @ 18:22
- What do King Solomon, Andalucia’s Rio Tinto mines, NASA and Mars have in common? - 19 Jan, 2019 @ 13:44
- HAPPY RETURN: How British expats in Spain can plan for retirement back in Britain - 18 Jan, 2019 @ 17:44