Tax

EU And Switzerland Initiate Tax Transparency

By 26 maart 2015No Comments

The European Union and Switzerland have initiated an agreement that will require both Switzerland and the EU member states to automatically exchange information as of 2018 in relation with the financial accounts of their citizens. The financial account data includes, amongst others, names, addresses, tax ID numbers and dates of birth of accountholders.

The driving force behind the agreement is to prevent EU residents to hide undeclared income in Swiss accounts, as to evade paying taxes.