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Agreement for the Exchange of Financial Account Information between the EU and San Marino in Force — Orbitax Tax News & Alerts

The agreement between the European Union and San Marino that provides for the automatic exchange of financial account information entered into force on 1 June 2016. The agreement, signed 8 December 2015, upgrades a 2004 agreement that ensures that San Marino applies measures equivalent to those in an EU directive on the taxation of savings income. Under the new agreement, information on the financial accounts of residents of EU Member States and San Marino will be automatically exchanged from 2017.