PURPOSE: to approve the conclusion of an Agreement between the EU and Andorra aiming to improve tax compliance by private savers.
NON-LEGISLATIVE ACT: Council Decision (EU) 2016/1751 on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Principality of Andorra providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
CONTENT: the Council approved, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and the Principality of Andorra providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
The Amending Protocol to the Agreement between the European Community and the Principality of Andorra was signed on 12 February 2016. It aligns the Agreement with the latest developments at international level concerning automatic exchange of information, namely with the Global Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Cooperation and Development (OECD).
The text of the Agreement, as amended by the Amending Protocol, is the legal basis for implementing the OCDE Global Standard on automatic exchange of information between Andorra and the EU. It will extend the automatic exchange of information on financial accounts in order to prevent taxpayers from hiding capital representing income or assets for which tax has not been paid.
ENTRY INTO FORCE: 21.10.2016.