Andorra: AEOI taxation agreement approved by EU

Andorra: AEOI taxation agreement approved by EU

The European Commission today announced that the European Council has approved an agreement with Andorra that will improve tax compliance by “private savers.” The purpose of the agreement is to address and counter tax evasion by requiring EU Member States and Andorra to exchange information automatically. This information exchange will give the tax administrations improved cross-border access to information on the financial accounts of each other's residents.

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As explained in an EC release, the agreement upgrades a 2004 agreement that required Andorra to apply measures equivalent to those in an EU directive on the taxation of savings income. It will extend the automatic exchange of information on financial accounts in order to prevent taxpayers from hiding capital representing income or assets for which tax has not been paid. The new agreement was signed on 12 February 2016, and was concluded today, 20 September, at a meeting of the General Affairs Council. 

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