EU, Switzerland sign major accord on tax transparency

      

MAY 27, 20156:01 PM

[BRUSSELS] The European Union and Switzerland signed a major accord Wednesday that will end banking secrecy for EU residents and prevent them from hiding undeclared income in Swiss banks, the European Commission said.

The agreement deals "another blow against tax evaders, and (represents) another leap towards fairer taxation in Europe," said Pierre Moscovici, the EU commissioner for tax issues.

AFP