ANDORRA SIGNED THE CONVENTION OF THE OECD MULTILATERAL TAX MEASURES TO IMPLEMENT BEPS

ANDORRA SIGNED THE CONVENTION OF THE OECD MULTILATERAL TAX MEASURES TO IMPLEMENT BEPS

The Minister of Finance of Andorra, Jordi Cinca, was the representative and responsible for signing last week, the OECD Multilateral Agreement for the application of measures relating to tax agreements to prevent erosion and transporting taxable benefits (BEPS, for its acronym in English) by multinational companies.

The agreement, which was signed at the headquarters of the OECD in Paris and was signed by 67 senior officials from different countries Refresh the existing network of bilateral tax agreements and strengthen provisions aimed at resolving disputes that may arise concerning the interpretation of treaties.

The case of the Principality of Andorra
The Andorran government approved the May 24th signing of accession to this agreement, which transposes the rules of international treaties over 2,000 worldwide. Andorra has actively participated in the inclusive framework of the treaty to implement all measures in their legislation and agreements which form part.

Meanwhile, in November last, the Principality of Andorra joined the adoption of a multilateral instrument to improve international tax system . The document allowed launched a series of measures to ease international tax rules.

The content of the Agreement
The development of the new agreement is the result of negotiations between more than 100 countries and jurisdictions , after the commission of finance ministers and central bank governors of the G20, during a meeting in early 2015.

Thus, the content of the agreement provides governments measures and specific instruments to counteract some practices considered harmful and pernicious by multinationals in the current international context.

According to Angel Gurria, Secretary General of the OECD, this new agreement marks a turning point in the history of tax agreements and provides greater security for companies and ensures better functioning of the international tax system


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