On October 4, 2015 the European Commission issued a press release announcing that the EU and Andorra finalized their negotiations on a new tax transparency agreement and that they initialled the text of a new tax transparency agreement. In the same press release the European Commission also states that already earlier this week the EU andSan Marino have initialled a similar agreement.

Under the new agreement with Andorra, Andorra and EU Member States will automatically exchange information on the financial accounts of each other's residents from 2018. In the press release the European Commision states that it expects that the new agreement should be formally signed early next year, following authorisation by the EU's Council of Ministers and the Andorran government.

Under the new agreement with San Marino, San Marino and EU Member States will automatically exchange information on the financial accounts of each other's residents.

On October 28, 2015 the EU signed a similar agreement with Liechtenstein (for more information see our article from October 28, 2015) and on May 27, 2915 Switzerland and the EU also signed a similar agreement (for more information see our article from May 27, 2015).

In the same press release the European Commission states that negotiations are also being finalised with Monaco.

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