Press Release: Fighting tax evasion: EU and Switzerland sign historic tax transparency agreement

On 27 May 2015 the EU and Switzerland signed a historic new tax transparency agreement, which will significantly improve the fight against tax evasion. Under the agreement, both sides will automatically exchange information on the financial accounts of each other's residents from 2018. This spells an end to Swiss bank secrecy for EU residents and will prevent tax evaders from hiding undeclared income in Swiss accounts. The agreement was signed by Commissioner Pierre Moscovici and Janis Reirs, Latvian Minister of Finance on behalf of the Latvian Presidency of the Council for the EU, and by the Swiss State Secretary for International Financial Matters, Jacques de Watteville.

• Primary Source

ESO: Background information: Proposal for a Council Decision on the signing, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Swiss Confederation providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments http://www.europeansources.info/record/proposal-for-a-council-decision-on-the-signing-on-behalf-of-the-european-union-of-the-amending-protocol-to-the-agreement-between-the-european-community-and-the-swiss-confederation-providing-for-meas/

European Council: Press Release: PRES/367/15 (27.05.15): EU-Switzerland taxation agreement signed in joint effort to improve tax compliance http://www.consilium.europa.eu/en/press/press-releases/2015/05/27-eu-switzerland-taxation-agreement/

EUObserver, 27.05.15: EU inks bank secrecy deal with Swiss https://euobserver.com/news/128855

BBC News, 27.05.15: Tax evasion: EU-Switzerland sign deal 'to end banking secrecy' http://www.bbc.co.uk/news/business-32900892

Euronews, 27.05.15: EU and Switzerland agree to clamp down on tax evasion http://www.euronews.com/2015/05/27/eu-and-switzerland-agree-to-clamp-down-on-tax-evasion/

Deutsche Welle, 27.05.15: EU, Switzerland sign tax info exchange deal http://dw.de/p/1FXDm

The Local.ch, 27.05.15: Switzerland signs tax evasion accord with EU http://www.thelocal.ch/20150527/swiss-sign-tax-agreement-accord-with-eu

EurActiv, 27.05.15: EU-Swiss accord to end banking secrecy, curb tax evasion http://www.euractiv.com/sections/euro-finance/eu-swiss-accord-end-banking-secrecy-curb-tax-evasion-314905

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