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EU tax transparency agreement with Andorra

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The EU and Andorra finalised negotiations on a new tax transparency agreement last week, which will be formally signed early next year. Member states will automatically exchange information on the financial accounts of each other’s residents from 2018. Pierre Moscovici, EC commissioner for economic and financial affairs, taxation and customs, said: ‘I congratulate and commend Andorra on the step it has taken today. Brick by brick, Europe is pulling down the wall of bank secrecy and replacing it with openness and cooperation between tax authorities.’

The EC recently signed a new tax transparency agreement with Liechtenstein and is currently in negotiations with Monaco and San Marino to update their respective savings agreements, along the lines of the revised EU–Switzerland agreement on the automatic exchange of financial account information. The EC says the revised agreements should be signed before the end of 2015. 

Issue: 1285
Categories: News