|EU, San Marino Ink Tax Transparency Agreement|
The European Union (EU) and San Marino have agreed to automatically exchange information on their residents' financial accounts from 2017.
A new tax transparency agreement was signed on December 8 in Brussels. Provisional application is scheduled for January 1, 2016, and the first information exchanges are expected to take place in 2017.
Under the agreement, the parties will receive the names, addresses, tax identification numbers, and dates of birth of their residents with accounts in San Marino or an EU member state, along with other financial and account balance information. The European Council said that tax administrations in the EU and San Marino will be able to identify taxpayers more effectively, administer and enforce their tax laws in cross-border situations, and avoid unnecessary further investigations.
The Council approved similar agreements signed with Switzerland and Liechtenstein.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on Dec.10, 2015