The Council of the European Union issued Council Decision (EU) 2024/1489 on Tuesday, 21 May, 2024, which authorised negotiations to amend agreements for the automatic exchange of financial account information.
This initiative aims to enhance international tax compliance between the EU and Andorra, Monaco, Liechtenstein, San Marino, and Switzerland.
The decision, published in the Official Journal of the European Union on 27 May, 2024, grants the European Commission the authority to negotiate the amendments on behalf of the EU.
The amendments are in alignment with the terms of the five agreements with Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative cooperation in the field of taxation.
This directive includes rules for the reporting and exchange of information on e-money and crypto assets as well as the latest version of the OECD’s Common Reporting Standard, which includes the Crypto-Asset Reporting Framework.
