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Income Tax

That is precisely the sort of information that paying agents collect and hold on their customers. We would expect that to be part and parcel of the information that they have on the customer base. It was therefore agreed that the application by member states of the directive will be contingent on the application of the same measures by certain dependent and associated territories of member states and of equivalent measures by certain third countries—the USA, Switzerland, Liechtenstein, Andorra, Monaco and San Marino. All agreements making up this network have now been signed. We are now working to ensure that all ratification procedures are completed in time for the directive and the associated agreements to take effect from 1 July this year.