Agreement on the exchange of information in tax matters
Andorra and the European Union sign an agreement on the exchange of information in tax matters
On February 12, 2016, Andorra and the EU signed an agreement on the exchange of information in tax matters. This agreement upgrades the one signed in 2004 on taxation of savings income adapting it to the new fiscal developments within the EU and the OECD.
The agreement entered into force on January 1, 2017 and the first information exchange took place in September 2018 based on 2017 tax data, in line with the new single global standard on automatic exchange of information developed at the OECD and endorsed by the G20.
Based on this agreement, and since it has been ratified by all parties, EU member states and Andorra exchange information on the financial accounts of each other’s residents. The first agreement has been made with 41 countries.
Even though Andorra is not a member of the EU, the signing of this agreement and the development of the necessary legal basis that will enable it to adopt the automatic exchange of information with 95 jurisdictions, shows the commitment of the Principality of Andorra towards transparency and international cooperation, also in tax matters.
Consult all the details on this PDF: Q&A on the agreement signed between the Principality of Andorra and the European Union on the automatic exchange of information in tax matters.