The meeting of finance and economy ministers of the European Union has left Andorra out of the blacklist of tax havens and gives time until next year to implement measures for tax cooperation. More specifically, Andorra is urged to amend the corporate tax law in order to abolish certain special schemes and amend some others.
"What we value is that we are not blacklisted anymore, and this is the most important thing right now," said Jordi Cinca. Regarding being on the second list, Cinca preferred to call it "transit list","in order to be fully recognized as a cooperating country". Cinca states that "Andorra is on the list because of a very specific question and is in the process of being resolved".
The minister recalled that the amendment of the corporation tax law was approved by the government in June and is now in parliamentary process. "By the time this amendment enters into force, Andorra will have already fulfilled all the requirements for not being on any grey or transit list, in order to end 2018 as a fully compliant country.
Specifically, the amendment of the law that was approved to adapt to the requirements of the EU and the OECD, will make disappear the regimes that intervene in international trade and those of management companies and financial investment intergovernmental group. The special regime for companies engaged in international exploitation of intangibles will be modified.