This includes important information such as customer due diligence records and information held in national beneficial ownership registries.
Tax authorities will now be able to easily identify the ultimate owner behind an opaque company or entity, and be able to react quickly to instances of tax evasion and avoidance.
“This is yet another leap forward in improving transparency and cross-border tax cooperation within the EU, providing Member States with a valuable tool to protect the integrity of their tax systems”, said Pierre Moscovici, Commissioner for Taxation and Customs Union, afterwards.
He added that quick agreement at the Council once again reflected the importance Member States attach to the fight against tax evasion and avoidance.
The proposal formed part of initiatives put forward by the Commission in July and the new measures should come into effect on 1 January 2018.
The formal adoption of this new legislation comes after the European Parliament gave its opinion on this file.