The Andorran government presented on 16 June, the draft Law of automatic exchange of information on tax matters, fixing the exchange of data between Andorra and the 81 countries participating in the agreement.
The Principality of Andorra is immersed in a process of transformation of its economic and financial model . The first step was the approval in September 2009 of the Law on tax information exchange upon request , based on the model established by the Organization for Economic Cooperation and Development (OECD) , which Andorra renounced its status as a tax haven. Since then, they have signed up a total of 23 agreements to exchange tax without retroactive until the bill automatic exchange of information on tax matters in Andorra , presented on 16 June by the Council of ministers.
The Law automatic exchange of information regulated through the Convention of the Council of Europe and the Organization for Economic Cooperation Development (OECD) on mutual administrative assistance in tax matters, exchange of automatic information between Andorra and the other states participating -l'acord includes 81 countries-.
Thus, from 2018, as established by the bill, which still must undergo aprovació- Andorra should provide tax, for the year of 2017 , those accounts preexisting individuals with a balance of over one million dollars. The bill Automatic Exchange of Information on tax matters in Andorra suggests postponing until 2019 the automatic communication of the accounts of individuals with tax residence outside Andorra with a balance less than a million dollars , as well as the accounts of legal entities worth more than $ 250,000.
The Ministry of Finance of Andorra will be the body responsible for delivering the information to the tax authorities of each country. The bill indicates that this agreement will affect individuals or entities resident tax account in a member state of the European Union or in a country where the agreement has been implemented automatic exchange of information, as well as entities resident in Andorra, located branches of non-residents in the country, and insurance operating entities of the financial system (banks, financial investment companies, agencies, investment firms, asset management companies and companies managing investment collective financial assets).
This first version of the draft Law of automatic exchange of information on tax matters in Andorra excludes a number of accounts, although variations may occur until the final approval of the project. So far, however, be excluded:
The Law Clearing fiscal provides three modes: