EU and Switzerland Signed a New Tax Transparency Agreement
On May 27 EU and Switzerland signed a historic new tax transparency agreement which will enhance the fight against tax evasion. According to the agreement both sides will automatically exchange information on the financial accounts of each other's residents from 2018.
This means an end to Swiss bank secrecy for EU residents and will prevent tax evaders from hiding undeclared income in Swiss accounts, reports EU official website.
Under the new EU-Swiss agreement, Member States will receive, on an annual basis, the names, addresses, tax identification numbers and dates of birth of their residents with accounts in Switzerland, as well as other financial and account balance information. This new transparency should not only improve Member States' ability to discover tax evaders, but it should also act as a deterrent against hiding income and assets abroad to evade taxes.
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