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European Union, Monaco Sign New Tax Deal

The European Union (EU) and Monaco have signed a tax transparency agreement that will enable them to automatically exchange information on the financial accounts of each other's residents from 2018.

Under the agreement, the EU and Monaco will automatically exchange the names, addresses, tax identification numbers, and dates of birth of residents with accounts in the other jurisdiction, along with other financial information such as account balances.

The agreement was initialed on February 22, 2016, and was formally signed on July 12.

EU Tax Commissioner Pierre Moscovici said: "Today's agreement reinforces Monaco's commitment to international tax transparency standards. The EU and Monaco have today sent a joint clear signal: we are allies when it comes to tax transparency and allies in the fight against international tax avoidance and tax evasion."

The EU has signed similar agreements with Andorra, Liechtenstein, San Marino, and Switzerland, to bring its existing savings taxation agreements with these jurisdictions into line with new rules on the automatic exchange of information. The aim is to ensure a level playing field between financial institutions in these European third countries and financial institutions in the EU, which are required to implement Directive 2014/107/EU. This Directive establishes a single global standard for the automatic exchange of financial account information, as developed by the Organisation for Economic Cooperation and Development.

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