OREANDA-NEWS. October 30, 2015. Under the new agreement, Liechtenstein and EU Member States will automatically exchange information on the financial accounts of each other's residents from 2017.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: "Today the EU and Liechtenstein are sending out a clear message: we are partners in the international campaign for greater tax transparency. 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."

Under the new agreement, Member States will 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 is fully in line with the new OECD/G20 global standard for the automatic exchange of information.

The enhanced information exchange will help tax authorities to track down tax evaders, while also acting as a deterrent for those that hide income and assets abroad. The EU signed a similar agreement with Switzerland in May this year, while negotiations are also being finalised with Andorra, San Marino and Monaco.

For more information, see: http://ec.europa.eu/taxation_customs/taxation/tax_cooperation/index_en.htm