CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Andorra, EU Initiate Savings Tax Talks

Andorra, EU Initiate Savings Tax Talks

by Ulrika Lomas, Tax-News.com, Brussels

04 July 2013


Andorran Prime Minister Antoni Marti has held talks with European Tax Commissioner Algirdas Šemeta, with the discussions focusing on the adopted mandate of the European Council of Ministers regarding negotiations with third countries on extending the savings tax directive, to close loopholes.

Following the meeting, a delegation led by Andorran Finance Minister Jordi Cinca highlighted the significant progress made in Andorra in tax matters over the last few years, to guarantee compliance with both international and European Union (EU) standards. Furthermore, the delegation stressed Andorra's willingness to actively participate in the forthcoming savings tax negotiations.

Finance Minister Cinca underscored that Andorra has already embarked on a series of measures to standardize the country's fiscal model, to ensure that Andorra becomes a competitive country with a more open and diversified economic model in future. Alluding to the fact that Andorra has already concluded tax information exchange agreements and has negotiated its first double taxation accords, Cinca made clear that if the changes are addressed and implemented properly, Andorra will remain as viable and prosperous as it has been over the course of the past few decades.

However, any planned changes to the savings tax agreement will have to enter into force simultaneously in all other third countries involved in the negotiations, namely Liechtenstein, Switzerland, Monaco, and San Marino, the Finance Minister emphasized.

Concluding, Cinca explained that before negotiations with the European Commission begin in earnest in the autumn, preparatory technical meetings will first take place in July.

Commenting, European Tax Commissioner Šemeta noted that he is "impressed" with the speed of tax reforms in Andorra. Šemeta said that the Government's plans to introduce a tax on individual income (IRPF) are "a step towards homologation of the tax system." He nevertheless expressed his hope that an agreement is reached with Andorra on an automatic exchange of information.

TAGS: compliance | Finance | tax | investment | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | tax avoidance | Liechtenstein | Monaco | agreements | Switzerland | tax reform | standards | individual income tax | European Union (EU) | Andorra | San Marino | Europe

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »