On November 5 Andorra became the 60th country that joined multilateral Convention on Fiscal Cooperation within the bounds of OECD (Organization for Economic Cooperation and Development) program. The major elements of the Convention are: the cooperation in taxation issues, the exchange of tax information and protection of taxpayers’ rights.
Meanwhile, in accordance to the opinion of the experts, the joining of Andorra to the Convention has a titular character. The cooperation within the bounds of the Convention presupposes automatic information exchange between the countries on the basis of official request. But such exchange is prohibited by the applicable legislation of Andorra. Alongside with that, in accordance to the data of March 2012 17 bilateral agreements were signed within the bounds of Publicity agreements, that touch upon the corporate finance statements. That favored the fulfillment of EU demands regarding the exclusion of Andorra from the list of “tax heavens ” within EU.
In accordance to official data, up to now the Government of Andorra hasn’t received any request for that kind of information.