The European Council has approved the conclusion of an agreement with Monaco that will improve tax compliance by private savers. The agreement requires 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 12 July 2016. It was concluded today at a meeting of the Economic and Financial Affairs Council.