The EU and Liechtenstein on October 28 agreed to automatically exchange tax information on the financial accounts of each other’s residents beginning 2017, the EU Commission has announced.
The agreement is in line with the OECD/G20 global standard for the automatic exchange of information. The information received under the agreement will include the names, addresses, tax identification numbers, and dates of birth of residents that have an account in the foreign jurisdiction, as well as financial and account balance information.
“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,” said Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs.
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