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Andorra, EU Initiate Savings Tax Talks

by Ulrika Lomas,, 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

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