Andorra Commits To Automatic Tax Information Exchange
by Ulrika Lomas, Lowtax.net, Brussels
20 June, 2014
On June 16, 2014, Andorra signed the Organisation for Economic Cooperation and Development's (OECD) declaration on automatic exchange of information in tax matters.
Andorra has become the 48th signatory to the Declaration that commits countries to end bank secrecy for tax purposes. By signing the Declaration, Andorra is obliged to implement a new single global standard on automatic exchange of information, the OECD said.
Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration, said: "Signing the Declaration is an important commitment, which shows the significant progress being made in Andorra. We welcome this first step, as part of wider and continuing efforts in Andorra to revise tax policy and improve the transparency of the international tax system."
The Declaration has been endorsed by all 34 OECD member countries, along with Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore, and South Africa.
The Declaration is a commitment to implement a new single global standard on automatic exchange of information. The standard, which was developed by the OECD and endorsed by Group of 20 (G20) finance ministers last February, obliges countries and jurisdictions to obtain financial information from their financial institutions and to exchange that information automatically with other jurisdictions on an annual basis.
The OECD will deliver a detailed Commentary on the new standard, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014.
G20 governments have mandated the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes to monitor and review implementation of the standard, the OECD said.
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