“For the recent years Andorra has attained a significant progress in the issues of budget transparency”, claimed Pascal Saint-Amans, the Director of OECD (Organization for Economic Cooperation and Development) Tax Policy and Administration Center in his speech to the journalists. In accordance to his forecasts, Andorra will manage to start cooperation in the sphere of tax information exchange with EU countries by 2018.
“OECD relies on the support of Andorra. Switzerland with its huge banking sector is also ready to participate in solving of that issue”, noted Pascal Saint-Amans.
The EU directive on savings taxation, that presupposes the implementation of automatic exchange of information on all types of incomes, is relevant in reference to all EU members except of Austria and Luxembourg. The governments of these countries claim that they are ready for stiffening the statutes within EU only in case of successful negotiations on the implementation of equivalent measures in reference to EU and third countries, such as Andorra, Switzerland, Lichtenstein, Monaco and San-Marino.
The issues of automatic exchange of information on all types of incomes and subsequent obligations of the countries will be discussed at the oncoming G20 summit. It should be recalled that G20 includes such countries as Australia, Argentina, Brazil, the UK, Germany, India, Indonesia, Italy, Canada, PRC, Mexico, Russia, Saudi Arabia, the USA, Turkey, France, RSA, South Korea, Japan, European Commission and European Council. The Summit will take place on November 15-16 in Australian city of Brisbane.
OECD representative noted that there is still a huge amount of work. In particular, Andorra will have to implement legislative alterations in order to attain maximum of transparency of its budget policy.