06/11/2015 (Agence Europe) - EU-Andorra agreement on automatic information exchange initialled. The European Commission announced on 4 November that a new tax transparency agreement between the EU and Andorra had been initialled. Under the terms of the new agreement, EU member states and Andorra will automatically exchange information on the financial accounts of each other's residents from 2018. EU member states will thus receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in Andorra, as well as other financial and account balance information. This is fully in line with the new OECD global standard for the automatic exchange of information, due to be signed officially at the start of next year. Similar agreements have already been signed: last week with Liechtenstein (see EUROPE 11420) and in May of this year with Switzerland. Negotiations are also being finalised with Monaco, the Commission says. (EL)