On 8 December 2015, the Council approved the conclusion of agreements with Liechtenstein and Switzerland aimed at improving tax compliance by private savers. The two agreements will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and the two countries to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents.
The agreements upgrade 2004 agreements that ensured that Liechtenstein and Switzerland applied measures equivalent to those in an EU directive on the taxation of savings income. The aim is to extend the automatic exchange of information on financial accounts in order to prevent taxpayers from hiding capital representing income or assets for which tax has not been paid.
The Council also approved the signing of a similar taxation agreement with San Marino, ahead of a signature ceremony later in the day.