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Liechtenstein signs EU tax transparency agreement

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The EU and Liechtenstein have signed a new tax transparency agreement, which the EC has hailed as an ‘important step forward in the fight against tax evasion’. Under the new agreement, Liechtenstein and EU member states will automatically exchange information on the financial accounts of each other’s residents from 2017. Member states will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in Liechtenstein, as well as other financial and account balance information. This is fully in line with the new OECD/G20 global standard for the automatic exchange of information.

Pierre Moscovici, EC commissioner for economic and financial affairs, taxation and customs, said: ‘The EU and Liechtenstein are sending out a clear message: we are partners in the international campaign for greater tax transparency. We are pulling in the same direction to create more openness and cooperation between tax authorities and to thwart those who seek to evade paying their fair share of tax.’

Issue: 1284
Categories: News , International taxes