The agreement ensures that San Marino will apply stricter measures, equivalent to those in place within the EU since March 2014. The agreement also complies with the 2014 global standard on the automatic exchange of financial account information promoted by the OECD.
Tax administrations in EU member states and in San Marino will be able to:
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identify correctly and unequivocally the taxpayers concerned,
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administer and enforce their tax laws in cross-border situations,
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assess the likelihood of tax evasion being perpetrated, and
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avoid unnecessary further investigations.
The agreement will enter into force on 1 January 2017. Similar agreements were i.a. concluded with Switzerland and Liechtenstein.
The resolution was passed by 607 votes to 22, with 18 abstentions.