The European Union and Monaco today initialed a new tax transparency agreement. Under the agreement, Monaco and EU Member States will automatically exchange information on the financial accounts of one another's residents from 2018. The information will start being collected from 1 January 2017.
According to an EC release, the formal signature of the new agreement is expected to take place before the summer of 2016. Under the agreement, EU Member States will receive the names, addresses, tax identification numbers, and dates of birth of their residents with accounts in Monaco, as well as certain other financial information, including account balances. The procedure is intended to reflect the OECD and G20 global standard on automatic exchange of information.
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