Global Forum on Transparency and Exchange of Information for Tax Purposes published the results of Andorra’s compliance with international standards in this area. According to the report, Andorra “basically meets” all OECD requirements.
Andorra was one of the 15 countries participated in the study. Previously, these countries had a rating “meet not fully international standards for the exchange of information on prior request.”
Further results will be presented to the leaders of the G20 at the summit on 7-8th July, 2017 in Hamburg.
At the summit, G20 leaders should prepare a list of recommendations in the field of transparency and the exchange of tax information. The countries and jurisdictions must meet at least two of the three parameters:
• Have a rating relatively to the exchange of information on prior request not lower than “basically meets”
• Implement the automatic exchange of tax information in 2018
• Be part of the Agreement on Mutual Administrative Assistance in Tax Matters.