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Andorra Tax Information Exchange Agreements

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What will happen to the information exchanged? In June 2015, the OECD`s Tax Affairs Committee (CFA) approved a standard protocol on the agreement. The standard protocol can be used by jurisdictions if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information. This agreement, published in April 2002, is not a binding instrument, but includes two models of bilateral agreements. Many bilateral agreements are based on this agreement (see below). The signing with the Nordic group achieved the region`s overall agreements at seventeen, far exceeding the twelve TIEA quotas set by the G20 in April 2009. As a result, Andorra has been added to the Organisation for Economic Co-operation and Development`s (OECD) “white list”. Since then, Andorra has signed TIEA with Poland and South Korea. Other TIEAs have been signed with Poland and the Czech Republic. There is no legal obligation to inform customers of information exchanged under the AIA or to provide them with copies of the common documentation. However, this issue can be resolved by the relevant internal rules. Andorra intends to collect bank data from 2017 and exchange information from 2018.

The current legal framework excludes automatic exchange of information in Andorra, but the new law on the automatic exchange of information is expected to be approved by the General Council in 2016 and come into force on 1 January 2017. What information is automatically exchanged under the EU agreement? The Australian and Andorran governments have signed an agreement on the exchange of tax information. The agreement provides for the exchange of information on request, both in criminal and civil matters. No, the purpose of the AIA is to identify those who are subject to the information exchange obligation. Jurisdictions can also use the text of the articles in the model protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. In February 2010, Andorra gained recognition for a region that has essentially implemented the international standard of transparency and exchange of tax information, with the signing of seven additional information exchange agreements with the Nordic countries, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden. The new automatic exchange of information system aims to verify compliance with tax obligations. As a result, holders of financial positions must meet their tax obligations. How is the automatic exchange of information (AIA) carried out? A tieA request for information model has been developed to assist the relevant authorities of TIEA partners in requesting information. It is available in English and French as well as in Spanish, German, Italian, Japanese, Korean and Turkish. The agreement was born out of the OECD`s work on combating harmful tax practices.

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