The EU wide taxpayer identification number (TIN) is planned to be implemented soon within the next year.
‘Properly identifying taxpayers is essential to the fight against fraud and evasion. A new web portal allows tax officials, and businesses involved in cross-border transactions, to check the structure of unique taxpayer identification numbers (TINs). These are tax identification numbers that EU countries allocate to their own taxpayers. The portal also provides useful samples of official identity documents containing national TINs. The Commission consulted on whether to move towards creating a single, unique EU-wide TIN.’
The EU Tax authority will have the power to access bank account data for every single citizen in the EU and even extract money from an account for taxation reasons.
The EU Monetary Affairs Committee is also cracking down on digital currencies by implementing new regulations that will halt the freedom of use of crypto-currencies within the EU. According to the Commission, the measures will ‘bring virtual currency exchange platforms under the scope of the existing Anti-Money Laundering Directive which is due for an update.’
The report also calls for the EU to take over member states’ corporate taxation powers with a common corporation tax base, banning sovereign states from increasing their competitiveness by cutting corporation tax below 15%.
Further moves to eventually outlaw cash within the Eurozone and implement a digital currency system are also on the table. The 500 euro note has already been scrapped, and in Sweden, the whole system is being adapted to outlaw cash altogether with the implementation of a full digital currency scheme.
No doubt, the future of the EU is one of heavy processing of all financial data, all transactions, all taxation will be implemented under one digital databank and when the cashless euro is introduced, there will be nowhere to hide within the Orwellian dystopian nightmare.