Brussels (12 July) - The European Union and Monaco signed an agreement aimed at improving tax compliance by private savers. The text was signed by Slovak Minister of Finance and President of the Council Peter Kažimír on behalf of the EU and Minister of State Serge Telle on behalf of Monaco.
„Today's agreement is an important new step forward.”
The agreement will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and Monaco to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents.
„The issues of the fight against tax fraud, tax evasion and aggressive tax planning have been very high not only on the EU, but also on the global agenda,” Peter Kažimír said, adding that „today's agreement is an important new step forward”.
The agreement upgrades a 2004 agreement that ensured that Monaco applied measures equivalent to those in an EU directive on the taxation of savings income. The aim is to extend the automatic exchange of information on financial accounts in order to prevent taxpayers from hiding capital representing income or assets for which tax has not been paid.