26th February 2016

EU initials tax transparency deal with Monaco

On 22 February, the EU and Monaco initialed a new tax transparency agreement. The formal signature ceremony will follow before summer, once the Council gives its authorization. Under the deal, EU and Monaco will automatically exchange tax-related data as of 1 January 2018 (information will start to be collected next year). The information includes name, place of residence, date of birth, tax identification number and several other data for legal persons, together with financial data, such as account balances. The deal is similar to the ones concluded in 2015 with San Marino, Switzerland and Liechtenstein, and with Andorra this year. It is in line with the OECD and G20 recommendations. By having such deals with European microstates and Switzerland, the EU seeks to seal the existing loopholes in tax legislations to fight tax fraud and tax evasion.

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Members of the American Chamber of Commerce in the Czech Republic