Andorra Commits To BEPS Minimum Standards

On October 14, 2016, Andorra became the 86th territory to join the OECD’s new inclusive framework on base erosion and profit shifting (BEPS).

As a member of the framework, Andorra will commit to implementing the minimum standards put forward by the OECD on BEPS. These are on: harmful tax practices, tax treaty abuse, country-by-country reporting, and dispute resolution mechanisms. Andorra will also engage in future negotiations on BEPS measures and pay an annual fee.

The framework was announced by the OECD in February 2016 to allow all interested jurisdictions to contribute equally to future work on BEPS and on monitoring BEPS implementation.

In particular, those participating under the framework will: develop standards in respect of remaining BEPS issues; review the implementation of agreed minimum standards; and support developing countries with implementation.