The European Union and Switzerland have signed a major accord to end banking secrecy for EU residents and prevent them from stashing undeclared income in Swiss banks.<\/p>\n
The European Commission has said the move, which comes into play from 2018, was a “deterrent” against hiding income abroad.<\/p>\n
\u201cThis new transparency should not only improve member states\u2019 ability to track down and tackle tax evaders, but it should also act as a deterrent against hiding income and assets abroad to evade taxes\u201d, the EU Commission said.<\/p>\n
The Commission is also negotiating similar agreements with Andorra, Liechtenstein and Monaco.<\/p>\n
EU commissioner Pierre Moscovici said that the agreed automatic exchange of information was \u201canother blow against tax evaders and (represents) another leap towards fairer taxation in Europe\u201d.<\/p>\n
It follows an agreement for \u201cstrengthened transparency\u201d made between EU member states last year.<\/p>\n
Under the accord, information – including each account holder\u2019s name, address, tax identification number, date of birth and bank balance – is to be provided yearly.<\/p>\n
European countries in recent years have beefed up their fight against tax evasion and fraud, which saps billions from national budgets every year.<\/p>\n
The European Commission also wants to crack down on sweetheart tax deals favouring multinational corporations such as those exposed by last year’s “LuxLeaks” scandal<\/p>\n
Some of the world’s biggest companies – including Pepsi and Ikea – have enjoyed tax rates as low as one percent thanks to the secret pacts with tax authorities in Luxembourg.<\/p>\n","protected":false},"excerpt":{"rendered":"
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