EU Parliament Committee Approves Tax Simplification Proposals

The European Parliament’s economic affairs committee adopted a list of recommendations Tuesday to simplify the bloc’s tax code.

The recommendations include establishing a so-called tax data hub “to improve the automatic exchange of tax information and reduce administrative burden,” according to a Parliament statement.

The committee also proposed to simplify tax declaration procedures for savings and investment accounts and to streamline the use of tax identification numbers to ease administrative cooperation and reporting, according to the release.

The suggestions would make it easier for governments “to administer and collect taxes, contributing to reduced tax evasion and avoidance and mobilising ...