What are the obligations of the obligated under legislation iai?
Those liable for the automatic exchange of information are required to:
- Identify the affected account holders under the terms established by the procedures described in Annex I of the Act, which can lead to the application of self-declarations holders and individuals control over their tax residence and other documentation, and establish procedures to contrast the rationality of the content of the self-declaration as well as change of circumstances.
- Apply the laws and practices relating to data protection in the processing of personal data exchanged and following the terms of the rules on data protection applicable to Andorra with respect to individuals who are reported to Government Andorra.
- Communicate to the Government of Andorra account information of which the owners or persons exercising controlare tax residents 1) a member state of the European Union; or 2) a state with which applies an agreement or an agreement that establishes automatic exchange of information with the application of OECD standards common standard of communication and due diligence relating to information about financial accounts.
- Present annually to the Finance Ministry a report of an auditing entity outside on the fulfillment of the obligations IAI.
