EU, Andorra Conclude Tax Transparency Negotiations

Andorra and the EU have negotiated a deal to automatically exchange tax information. It will be signed in the coming months and enter into force on January 1, 2017.

Taxpayers in Andorra or the EU will have their names, addresses, tax identification numbers, dates of birth, and other financial and account balance information exchanged under the agreement. This will take place automatically from 2018, based on 2017's data.

Tax Commissioner Pierre Moscovici said: "I congratulate and commend Andorra on the step it has taken today. Brick by brick, Europe is pulling down the wall of bank secrecy and replacing it with openness and cooperation between tax authorities."

Members of the European Parliament last month approved a similar agreement with Switzerland. Last week, the EU signed a comparable deal with Liechtenstein and initialled one with San Marino. Negotiations are being finalized with Monaco.