| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2016) 200 final (13.4.16) |
| Publication Date | 13/04/2016 |
| Content Type | Policy-making |
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Following the adoption of Council Directive 2003/48/EC, the Savings Directive, and in order to preserve a level playing field for economic operators, the EU signed Agreements with Switzerland, Andorra, Liechtenstein, Monaco and San Marino providing for measures equivalent to those laid down in the Directive. The Member States also signed agreements with the dependent territories of the United Kingdom and the Netherlands. More recently, the importance of automatic exchange of information as a means of combating cross-border tax fraud and tax evasion by ensuring full tax transparency and cooperation between tax administrations worldwide has also been recognised at the international level. The Organisation for Economic Cooperation and Development (OECD) was mandated by the G20 to develop a single global standard for automatic exchange of financial account information. The Global Standard was published by the OECD Council in July 2014. In order to minimise costs and administrative burdens both for tax administrations and for economic operators, it is crucial to ensure that the amendment of the existing Savings Agreement with Monaco is in line with EU and international developments. This will increase tax transparency in Europe and will be the legal basis for implementing the OECD Global Standard on automatic exchange of information between Monaco and the EU. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2016:200:FIN |
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| Countries / Regions | Europe, Monaco |
