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Bank Secrecy ends for all EU citizens in 2018

Bank Secrecy ends for all EU citizens in 2018

The European Parliament voted for their position regarding the agreement with Switzerland for the abandonment of Bank Secrecy.

Counting 593 votes in favor, 37 against and 58 abstentions, the European Parliament decided the exchange of information between the EU and Switzerland, regarding the bank accounts of their residents.

The process will begin in 2018 and the main goal of it will be the dissuasion of tax evasion.

Among the information to be exchanged: income, interest, dividends, account balances, as well as revenues from selling private property.

Switzerland will impose stricter measures concerning the automated exchange of information since the agreement is fully complied with the Worldwide Standard 2014.

Soon, Internal Revenue Services across Europe and Switzerland will be able to track down the respective taxpayers in order to manage and apply Tax Legislation cross border. Finally,
they will be able to evaluate the possibility of tax evasion and hasten the necessary procedures avoiding bureaucratic investigations.