The hunt is on for tax fraudsters

"Europe to hunt down tax evaders," headlines Il Sole 24 Ore, reporting on an agreement on banking secrecy announced by the Council for Economic and Financial Affairs (Ecofin). The draft directive aims "to fulfil the member states’ growing need for mutual assistance —especially via the exchange of information — so as to better enable them to assess taxes due," explains the economic daily. The review of the existing tax directive and agreements with Switzerland, will prevent EU countries from refusing to provide information on individual taxpayers requested by authorities in other member states and will “allow officials of one member state to participate in administrative enquiries on the territory of another.” However, Il Sole notes that the ministers failed to reach agreement on the levies on banks demanded by Paris and Berlin: ten countries have already introduced levies or are in the process of doing so. However, differences between schemes on the level of individual member states have created a risk of competitive distortions.