EU and Switzerland sign pact for transparency in bank records
THE EU and Switzerland have signed a deal to stop EU residents holding undeclared income in Swiss bank accounts.
The transparency agreement will be introduced at the start of 2018, and from then on Switzerland and the EU will share information relating to the bank accounts of their citizens. This includes names, addresses, birth dates and tax identification numbers.
In a statement, the European Commission said the “automatic exchange of information” was to bring an end to purported tax evasion by some account holders.
“This new transparency should not only improve member states’ ability to track down and tackle tax evaders, but it should also act as a deterrent against hiding income and assets abroad to evade taxes.”
Similar pacts are being negotiated for the EU and Andorra, Monaco, Liechtenstein, and San Marino.