The European Union (EU) and Liechtenstein have signed a new tax transparency agreement to clamp down on tax evasion.
As part of the deal, Liechtenstein and EU member states will automatically exchange information on the financial accounts of each other’s residents from 2017 for data collected in 2016.
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The pact will also allow member states to receive the names, addresses, tax identification numbers, and dates of birth of their residents with accounts in Liechtenstein, as well as other financial and account balance information.
This agreement fully complies with the new OECD/G20 global standard for the automatic exchange of information, a statement released by member states said.
The EU has inked a similar agreement with Switzerland in May 2015, while talks are being finalized with Andorra, San Marino, and Monaco.
European commissioner for economic and financial affairs, taxation and customs Pierre Moscovici said: "Today the EU and Liechtenstein are sending out a clear message: we are partners in the international campaign for greater tax transparency.
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By GlobalData"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."
