The European Union (EU) has signed an agreement with Switzerland for the automatic exchange of banking information, in a bid to phase out Swiss bank secrecy for EU residents.
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Under the deal, due to be effective from 2018, the two entities will automatically start exchanging data on their respective residents’ financial accounts.
The shared data will comprise the names, addresses, tax identification numbers and dates of birth of their residents with accounts in Switzerland, and other financial and account balance information, which the member states will receive annually.
European commissioner for economic and financial affairs Pierre Moscovici said: "Today’s agreement heralds a new era of tax transparency and cooperation between the EU and Switzerland. It is another blow against tax evaders, and another leap towards fairer taxation in Europe."
According to a press release from the European Commission: "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."
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By GlobalData
