Common reporting standard challenged on cybersecurity grounds
The common reporting standard brought in by the UK's HMRC in 2018 require tax authorities to automatically exchange information on millions of citizens living abroad. In response, an EU citizen domiciled in Italy who formerly lived in the UK and maintains a UK bank account, filed a complaint with the UK's data protection regulator arguing that sharing this data exposed her to risk of cyber hacking or accidental leaks and therefore violates GDPR. Developed by the OECD, the common reporting standard is based on the US's FATCA and is intended to combat global tax evasion.
writer: Barney Thompson
publication: Financial Times