quarta-feira, fevereiro 24, 2010

Tax - Andorra makes progress on exchange of information

24/02/2010 – The Principality of Andorra has today signed tax information exchange agreements with the 7 Nordic economies (Denmark, the Faroe Islands, Finland, Greenland,Iceland, Norway and Sweden).

Andorra had previously signed 10 other agreements – including important agreements with its closest trading partners France, Spain and Portugal – and this signing brings their total to 17 agreements that meet the internationally agreed tax standard. Accordingly, Andorra now moves into the category of jurisdictions considered to have substantially implemented the standard.

Andorra is the 21st jurisdiction to have moved into the “substantially implemented” category since April 2009. As part of its commitment to implementation of the OECD standard, Andorra has also recently passed legislation to enable its authorities to exchange information, including bank information, with tax authorities in other countries.

Andorra is a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes and has agreed to participate in a peer review of its laws and practices in this area.

Pascal Saint-Amans, head of the Global Forum Secretariat, said, “I am very pleased with the progress Andorra has made. Just one year ago it was still on the OECD’s list of uncooperative tax havens, and now it has made a commitment, changed its laws and has substantially implemented the standard.”

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