EU and Andorra agree to automatic exchange of tax information

Andorra and the EU on October 4 agreed to automatically exchange information on the financial accounts of each other’s residents beginning 2018, the EU Commission has announced.

In accord with the new OECD/G20 global standard for automatic exchange of tax information, the parties will receive names, addresses, tax identification numbers, and dates of birth of their residents with accounts in the foreign jurisdiction, as well as other financial and account balance information.