The head of the Government of Andorra, Antoni Martí Petit, conducted negotiations with EU Tax Commissioner Algirdas Shemeta. The major topic of negotiations was the issue of approving EU general guidelines on savings taxation by Andorra. After the session, the delegation headed by the Minister for Finances of Andorra Jordi Сinca, mentioned a significant progress of Andorra in tax issues for the recent years in order to assure following international and EU standards. Besides, Andorran delegation emphasized its will to participate actively in the upcoming negotiations on savings taxation.
The Minister for Finances Jordi Cinca noted that Andorra (Pyrenees) has already taken a number of measures on the way of fiscal model standardization. In future that will help Andorra to turn into competitive country with transparent and diverse economic model. Referring to the fact that Andorra has already signed the agreement on tax information exchange and conducted negotiations on its first double taxation agreements, Jordi Cinca claimed that in case all the alterations are conducted correctly, Andorra will stay competitive and flourishing as it has been for the past two centuries.
The Minister for Finances mentioned that any preplanned alterations in savings taxation agreement should come into effect simultaneously in all the countries that participate in negotiations: Lichtenstein, Switzerland, Monaco and San Marino.
In the end Jordi Cinca explained that negotiations with European Commission, which will start in autumn, will be preceded by preliminary technical sittings.
In his commentaries EU Tax Commissioner Shemeta noted that he is “impressed” by the speed of tax reforms in Andorra. Shemeta said that the Governmental plans regarding the implementation of individual income tax (IRPF) are “the steps on the way to tax system harmonization”. He also shared his hopes that the agreement on the automatic tax information exchange will be attained in the near future.
See also Taxes in Europe
See also Taxes in Andorra VS Taxes in France
See also Taxes in Andorra VS Taxes in Spain
