According to a release issued on 19 March 2015 by the European Commission, negotiations have been concluded on an ambitious new tax transparency agreement with Switzerland, marking a major step forward in the fight against tax evasion.
Under the new agreement, EU Member States and Switzerland will automatically exchange information on the full range of financial account information from 2018.
Thus, EU 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 a broad set of other financial and account balance information. This means that EU residents will no longer be able to hide undeclared income in Swiss accounts to evade paying tax.
The Agreement will be signed following authorization by the European Council on one side and the Swiss Government on the other, both of which are expected to be before the summer.Back to News
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