On September 20, 2016 during the meeting of the General Affairs Council the EU has approved the new taxation agreement with Andorra. The agreement upgrades the 2004 agreement that obliged 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 February 12, 2016.

The text of the agreement, formally an Amending Protocol to the Agreement between the European Community and the Principality of Andorra providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments, can be found here.

Copyright – internationaltaxplaza.info

Follow International Tax Plaza on Twitter (@IntTaxPlaza)

and

Follow International Tax Plaza on Facebook