On Wednesday 15 May, the Member States’ ambassadors to the EU (Coreper) adopted the decision authorising the European Commission to open negotiations with a view to amending the agreements on the automatic exchange of financial account information between the EU and Switzerland, Monaco, Liechtenstein, Andorra and San Marino.
The aim of this amendment is to improve international compliance with tax obligations. The Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development (OECD), will be updated from 1 January 2026. The EU therefore wants to ensure that the exchange of information between different jurisdictions continues to take place in accordance with this standard.
The EU also wishes to update legal references to Directive 95/46/EC with references to the General Data Protection Regulation (GDPR), where relevant.
This update includes the new Crypto-Asset Reporting Framework (CARF), a new global standard requiring the collection, reporting and exchange of tax information on customers of crypto-asset service providers. Ministers are expected to formally adopt this decision at the next ‘General Affairs’ Council on Tuesday 21 May.
In the EU, this update has been incorporated into the eighth revision of the directive on the exchange of tax information between Member States (DAC8), adopted in October 2023 (see EUROPE 13273/37).
Read the draft decision: https://aeur.eu/f/c7z (Original version in French by Anne Damiani)