CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. EU, Monaco Sign New Tax Deal

EU, Monaco Sign New Tax Deal

by Ulrika Lomas, Tax-News.com, Brussels

13 July 2016


The European Union (EU) and Monaco have signed a tax transparency agreement that will enable them to automatically exchange information on the financial accounts of each other's residents from 2018.

Under the agreement, the EU and Monaco will automatically exchange the names, addresses, tax identification numbers, and dates of birth of residents with accounts in the other jurisdiction, along with other financial information such as account balances.

The agreement was initialed on February 22, 2016, and was formally signed on July 12.

EU Tax Commissioner Pierre Moscovici said: "Today's agreement reinforces Monaco's commitment to international tax transparency standards. The EU and Monaco have today sent a joint clear signal: we are allies when it comes to tax transparency and allies in the fight against international tax avoidance and tax evasion."

The EU has signed similar agreements with Andorra, Liechtenstein, San Marino, and Switzerland, to bring its existing savings taxation agreements with these jurisdictions into line with new rules on the automatic exchange of information. The aim is to ensure a level playing field between financial institutions in these European third countries and financial institutions in the EU, which are required to implement Directive 2014/107/EU. This Directive establishes a single global standard for the automatic exchange of financial account information, as developed by the Organisation for Economic Cooperation and Development.

TAGS: compliance | tax | tax compliance | tax avoidance | banking | financial services | Liechtenstein | Monaco | tax authority | agreements | tax planning | Switzerland | revenue statistics | standards | European Union (EU) | Andorra | San Marino | services | Europe | Tax | Tax Evasion

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »