On Thursday 17 July, the European Commission published a proposal to amend the agreements between the European Union and Liechtenstein, San Marino, Monaco and Andorra on the automatic exchange of financial account information.
The common reporting standard drawn up by the Organisation for Economic Co-operation and Development (OECD) has undergone major changes, approved at international level in August 2022. These amendments, which will apply from 1 January 2026, extend the scope of the standard to cover central banks’ e-money and digital currency products. They include the 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.
The European Directive ‘DAC8’ on administrative cooperation in the field of taxation, adopted in May 2023 by the EU Council (see EUROPE 13183/1), has already implemented these changes within the EU. The amending protocol must therefore ensure that existing agreements between the EU and these four neighbouring states remain aligned with EU legislation in the same field, notably the ‘DAC8’.
In May, the EU Council authorised the Commission to open negotiations with these countries, as well as with Switzerland (see EUROPE 13410/5).
Read the proposal for the agreement with the Principality of Andorra: https://aeur.eu/f/hym
Read the proposal for the agreement with the Principality of Monaco: https://aeur.eu/f/hyn
Read the proposal for the agreement with the Principality of Liechtenstein: https://aeur.eu/f/hyo
Read the proposal for the agreement with the Republic of San Marino: https://aeur.eu/f/hyp (Original version in French by Anne Damiani)