As per reports, the EU is moving closer to fighting the tax frauds. Recently, it has been seen that Europe is ending the banking secrecy to deal with the situation.

Also, Austria has now agreed to share the data. Earlier, Luxembourg and Austria didn't want to reveal the names of the account holders from other countries and allowed the banks to withhold the tax. But now after the countries being pressurized by their European partners they have agreed to share the data.

On Wednesday, Austria has ignored the objections on sharing data, the EU is now emphasizing on negotiation of similar agreement with Switzerland. Terming the day bad for the tax cheats, Werner Faymann, the Austrian Chancellor, said that they will now act jointly to manage the exchange of data by the year end.

Faymann also said that the agreement was an important step for Europe. Further, the step is also remarked as an enormous step by the German Chancellor Angela Merkel. She said that finally the necessary exchange of tax data will occur in the European Union.

"Luxembourg is ready to automatically exchange information from January 2015 as long as the European Union goes ahead with its negotiations with Switzerland and other countries", said Jean-Claude Juncker, the Prime Minister of Luxembourg.