Insurance Europe in general supports measures aimed at combating tax evasion. Whilst tax evasion is corrosive to the fairness of a tax system, any rules that are introduced to prevent tax evasion need to be targeted and proportionate.
In developing reporting and transmission standards to prevent tax evasion, Insurance Europe believes that:
- A global standardised solution for tax information exchange is needed;
- Such a system needs to be proportionate to the inherent risk;
- Information exchange requirements need to be in line with data protection rules; and,
- The impact on customers and the insurance industry needs to be minimised.