Romania to trade information with EU states about Panama Papers files

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Romania has joined the G5 initiative – France, Germany, Spain, Italy and the UK – on exchanging information about companies or other entities’ shareholders relevant for tax administrations and other agencies involved in the Panama Papers files, the Ministry of Finance announced on Monday.

“We were the first state to join the G5 initiative, a useful tool for increasing transparency and combating tax evasion. We felt the need to coordinate the operations of all EU Member States tax administrations to analyze and use of the information regarding transactions undertaken by EU natural persons and by legal entities with the offshore jurisdictions. The mechanism of automatic exchange of information at European level can be used for all data that may come from analysing the Panama papers,” Minister of Finance Anca Dragu said.

The topic was discussed on Friday in Amsterdam during the ECOFIN meeting attended by Finance Minister Anca Dragu and by Secretary of State for taxes, Gabriel Biris.

ECOFIN’s next meeting will take place on May 25 in Brussels.

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