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MEPs Back Tax Info Agreement With Andorra

by Ulrika Lomas, Tax-News.com, Brussels

10 March 2016


Members of the European Parliament (MEPs) have approved an agreement between the European Union and Andorra on the automatic exchange of information relevant for the collection of tax.

The agreement was approved on March 9 by 647 votes to 29, with 21 abstentions. Under the agreement, European Union member states and Andorra will begin collecting data from January 1, 2017, with the first exchanges taking place in 2018.

The agreement was signed on February 12, 2016. It replaces a previous agreement, signed in 2004, which ensured that Andorra applied measures equivalent to those in the EU Directive on the taxation of savings income. The Directive was repealed in November 2015, to avoid overlap with a separate directive on the exchange of information on request.

Under the new agreement, member states will automatically receive the names, addresses, tax identification numbers, and dates of birth of their residents with accounts in Andorra and vice versa, along with other financial and account balance information.

According to the European Parliament, the agreement will allow tax authorities to identify correctly the taxpayers concerned, administer and enforce their tax laws in cross-border situations, assess the likelihood of tax evasion being perpetrated, and avoid unnecessary further investigations.

TAGS: compliance | tax | tax compliance | tax avoidance | law | banking | financial services | revenue statistics | European Union (EU) | Andorra | services | Europe | Tax | Tax Evasion

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