Abstract
Tackling the issue of tax revenue losses starts to be the highest priority for developed countries. In the attempts to protect the national tax bases and to fight harmful tax competition, the whole world starts to give the extra weight to the principles of fiscal transparency and information exchange, addressing them on international agendas. Also the European governments are seeking to recover their missing billions of taxes. The article focuses on the main issues connected with transparency and exchange of tax information. It brings closer the internationally agreed standard of exchange of information for tax purposes and shortly presents the modes of tax information exchange. Next the study turns to the European Union’s perspective. It analyzes the legal framework of automatic tax information exchange within the EU and presents the influence of the U.S. FATCA on the EU legal environment. It also tries to answer the question whether creating the international tax information exchange system, based on automatic transfer of data, could be possible in the future.
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