EU, Switzerland sign agreement to clamp down on tax evasionMay 27, 2015 - 22:32 AMT PanARMENIAN.Net - The EU and Switzerland have signed an agreement that is intended to clamp down on tax evasion, the European Commission has said, according to BBC News. From 2018, EU residents will be prevented from hiding undeclared income in Swiss banks. The EU and Switzerland will exchange information on the bank accounts which their respective citizens hold. The EU Commission said it was a "deterrent" against hiding income abroad. "This new transparency should not only improve member states' ability to track down and tackle tax evaders, but it should also act as a deterrent against hiding income and assets abroad to evade taxes" the EU Commission said. The Commission is also negotiating similar agreements with Andorra, Liechtenstein and Monaco. EU commissioner Pierre Moscovici said that the agreed automatic exchange of information was "another blow against tax evaders and (represents) another leap towards fairer taxation in Europe". It follows an agreement for "strengthened transparency" made between EU member states last year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |