Switzerland and the European Union (EU) have inked a preliminary deal on the automatic exchange of tax information that will make it harder for EU citizens to hide money in secret Swiss bank accounts.
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Under the agreement, both sides will automatically exchange tax data on citizens on a reciprocal basis annually.
The parties intend to start gathering account data from 2017 and exchange it from 2018.
The information to be exchanged include the name, address, tax identification number, date of birth, and a broad amount of financial and account balance information about EU taxpayers and vice versa.
Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici said: "Today we are taking a decisive step towards total tax transparency between Switzerland and the EU.
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By GlobalData"I am confident that our other neighbours will soon follow suit. This transparency is vital to ensure that each country can collect the tax revenues it is due."
The new deal will replace the savings tax agreement that has been in force since 2005 and extends to all 28 EU member states.
