What is the applicable law in connection with IAI in Andorra?
The main rule developed by the IAI for Andorra is obligated Law
19/2016, of November 30 , automatic exchange of information in tax matters (hereinafter "Law IAI"), published on 22 December in the Official Gazette of the Principality of Andorra, which is directly binding and mandatory, which came into force on 1 January 2017.
In connection with the implementation of the IAI, Andorra has ratified the following agreements:
- Agreement between the European Union and the Principality of Andorra on the automatic exchange of information on financial accounts to improve international tax compliance, signed on 12 February 2016, ratified by the General Council on 20 October 2016. It involves exchanging information automatically with its 28 Member states and Gibraltar . It was published in the Official Gazette of the Principality of Andorra, Issue 67, 16 November 2016.
- The Convention on mutual administrative assistance in tax matters as amended by the Protocol of 2010 (hereinafter "OECD Multilateral Agreement"). On 5 November 2013 Andorra signed the Convention and the General Council at its meeting of 28 July 2016, adopted the Convention on mutual administrative assistance in tax matters, as amended by the Protocol of 2010 and was published in the Official Gazette of the Principality of Andorra, number 46 of 12 August 2016.
Also, the common standard OECD standards of communication and due diligence relating to information about financial accounts will be a source of interpretation to ensure consistent application of the rules.
Source: Government of Andorra
