EU, Liechtenstein Sign Tax Exchange Deal to Avoid Fraud – European Council

The European Union and Liechtenstein signed on Wednesday an agreement on sharing financial account information to improve compliance with international tax laws, the European Council said in a statement.

MOSCOW (Sputnik) — Under the agreement, the European Union and Liechtenstein will share data on the financial accounts of their citizens to tackle tax fraud and tax evasion starting January 1, 2017.

"I am glad that this agreement could be reached between the European Union and Liechtenstein, as it constitutes an important step towards a level playing field and greater tax transparency in Europe and beyond," Luxembourg Finance Minister Pierre Gramegna, who signed the deal on behalf of the bloc, said in the statement.

The agreement envisages strengthened measures taken by Luxembourg, which must be in line with the EU legal framework.