Tax
Andorra Signs Up To OECD Tax Pact
The tiny European state of Andorra has become the 48th signatory to an OECD Declaration that commits countries to end bank secrecy for tax purposes, the Organisation for Economic Co-Operation and Development said yesterday.
The tiny European state of Andorra, sandwiched between Spain and
France in the Pyrenees, has become the 48th signatory to an OECD
Declaration that commits countries to end bank secrecy for tax
purposes, the Organisation for Economic Co-Operation and
Development said yesterday.
Andorra’s decision to join the Declaration on Automatic Exchange
of Information in Tax Matters will oblige it to implement a new
single global standard on automatic exchange of information being
developed at the OECD, it said.
Dozens of nations have signed the pact as part of efforts by
Group of 20 nations, and others, to stamp out tax evasion and
forms of tax avoidance. Some critics, such as the Washington
DC-based think tank, the CATO Institute, have argued in the past
that such efforts are the equivalent of trying to build a sort of
global tax cartel, with damaging long-term consequences for
growth.
The declaration was endorsed during the OECD’s annual Ministerial
Council Meeting in Paris on 6 May by all 34 member countries,
along with Argentina, Brazil, China, Colombia, Costa Rica, India,
Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore
and South Africa.
