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EU, San Marino Ink Tax Transparency Agreement

by Ulrika Lomas, Tax-News.com, Brussels

09 December 2015


The European Union (EU) and San Marino have agreed to automatically exchange information on their residents' financial accounts from 2017.

A new tax transparency agreement was signed on December 8 in Brussels. Provisional application is scheduled for January 1, 2016, and the first information exchanges are expected to take place in 2017.

Under the agreement, the parties will receive the names, addresses, tax identification numbers, and dates of birth of their residents with accounts in San Marino or an EU member state, along with other financial and account balance information. The European Council said that tax administrations in the EU and San Marino will be able to identify taxpayers more effectively, administer and enforce their tax laws in cross-border situations, and avoid unnecessary further investigations.

Tax Commissioner Pierre Moscovici said: "This agreement between the EU and San Marino is an excellent example of the new norms for global transparency on tax issues. It reflects San Marino's determination to implement global tax good governance standards. Both the EU and San Marino have shown that concrete action can and will be taken in the fight against tax avoidance and tax evasion."

On December 8, the Council approved similar agreements signed with Switzerland and Liechtenstein.

TAGS: compliance | tax | tax compliance | tax avoidance | law | banking | financial services | Liechtenstein | ministry of finance | tax authority | agreements | tax planning | Switzerland | standards | European Union (EU) | San Marino | services | Europe

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