TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

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European Union and the Principality of Monaco initial new tax transparency agreement

The EU and Monaco have initialled a new tax transparency agreement which provides for the automatic exchange of information on financial accounts of one another’s residents from 2018.

The formal signature of the new agreement is to take place before the summer. Under the new agreement, Member States will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in Monaco, as well as certain other financial information, including account balances. The procedure envisaged complies with the new OECD and G20 global standard on automatic exchange of information. The EU signed similar agreements in 2015 with Switzerland (IP/15/5043), San Marino (IP/15/6275), Liechtenstein (IP/15/5929) and Andorra (IP/16/288).