The European Council has approved the conclusion of an agreement with Monaco that will improve tax compliance by private savers, according to a press release from the Council.
The agreement will require EU-member states and Monaco to exchange information automatically as a means of helping to prevent tax evasion.
It will give their tax administrations improved cross-border access to information on the financial accounts of each other’s residents.
The agreement upgrades a 2004 agreement that obliged Monaco to apply measures equivalent to those in an EU directive on the taxation of savings income.
The new agreement was signed on July 12, 2016. It was concluded on October 11 at a meeting of the Economic and Financial Affairs Council, without discussion.
READ MORE: EXCLUSIVE Minister of Finance and Economy, Mr Jean Castellini, explains the recent tax transparency agreement between the EU and the Principality