The European
Union and Switzerland have inked an agreement on the automatic exchange of bank
account data. It had been billed as a milestone in the authorities' fight
against large-scale tax evasion.
Deutsche Welle, 27 May 2015
The EU and
Switzerland on Wednesday signed a major accord aimed at efficiently curbing
banking secrecy for EU residents and preventing them from hiding undeclaredincome in Swiss banks.
The deal
was inked in Brussels by Pierre Moscovici, the European Commissioner
responsible for taxation matters, and Jacques de Watteville, the Swiss
secretary of state for international financial affairs.
"The
agreement deals another blow against tax evaders and represents another leap
towards fairer taxation in Europe," Moscovici said in a statement.
Aiming for more
transparency
The accord
will take effect in 2018. Under it, the EU and Switzerland will automatically
exchange information on the bank accounts held by their respective residents.
Data to be
shared on an annual basis include the names of account holders, their
addresses, tax registration numbers and birthdays as well as the amount of
money they hold in their accounts.
"This
new transparency should not only improve member states' ability to track down
and tackle tax evaders, but also act as a deterrent against hiding income and
assets abroad," the European Commission argued.
Brussels is
currently negotiating similar deals with Andorra, Liechtenstein, Monaco and San
Marino and is expecting to sign relevant accords by the end of the year.
hg/sri (AFP, Reuters)
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