The standard will be applied starting in 2017, whereas in Austria the agreement will take effect in 2018 due to a transitional period. The instrument will strengthen the fight against tax fraud and tax evasion.
Lithuanian Commissioner Algirdas Šemeta said after the meeting of the Economic and Financial Affairs Council (ECOFIN) that the agreement was a perfect end of the term of office of the outgoing European Commission, which had transferred the fight against tax evasion to a new level. The convergence of the European Union and global standards will enable officers and tax administrators to carry out their functions more confidently at lower costs.
Lithuanian Finance Minister Rimantas Šadžius also attended the ECOFIN meeting during which he discussed creation of jobs with the European Free Trade Association.