Andorra Announces Corporate Reorganization Tax Law
by Ulrika Lomas, Tax-News.com, Brussels
19 October 2016
The Government of Andorra has announced a new draft tax law designed to simplify the tax rules for companies undergoing a restructuring.
Unveiling the proposals earlier this month, Finance Minister Jordi Cinca explained that the draft law is required because existing tax legislation does not specifically recognize the tax consequences of corporate restructuring, such as mergers and acquisitions.
Therefore, to ease the tax rules in this area, the profit tax exemption will be introduced for companies undergoing a restructuring.
However, Cinca added that the inclusion anti-avoidance provisions will attempt to ensure that corporate restructurings are undertaken purely for economic, rather than tax, reasons.
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