On 27 May, EU and Switzerland formally signed a new tax transparency treaty. Under the provisions of the new deal, the two entities will automatically exchange, on an annual basis, information on accounts held by the other´s citizens and businesses in its banks. For example, Switzerland will once a year send the EU a list of all EU citizens and EU-registered businesses which hold an account in one of the Swiss banks, together with the basic information of the account holder and the account balance and other financial information. European Commissioner for Economic and Financial Affairs Pierre Moscovici called the conclusion of this deal the beginning of a new era in tax transparency and fight against tax evasion. For Switzerland, this deal signifies yet another step away from its long-upheld banking secrecy. The EU is negotiating similar agreements with European micro-states Andorra, San Marino, Monaco and Liechtenstein.

For more, click here, here and here.