AFS 2017 J. Cinca - Andorran Financial...
Transcript of AFS 2017 J. Cinca - Andorran Financial...
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Economic opening at the core of future strategies
ECONOMIC OPENING
TRANSPARENCY AND COOPERATION IN TAX MATTERS
EU MONETARY AGREEMENTMONEY LAUNDERING
PREVENTION
TAX FRAMEWORK
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Success factors
RECOGNIZABLE
STANDARIZED
ADAPTED TO THE ANDORRAN REALITY
1
2
3
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TaxFramework
SUSTAINABLE PUBLIC FINANCES
PUBLIC DEBT <40% GDP
ANNUAL DEFICIT <1% GDP
Adaptation of the public accounts to NICSP - 2017
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% Debt/GDP (2006-2016)
Total Public Debt Annual Variation
50
40
30
20
10
0
-10
-20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Tax Framework
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Tax Framework
RECOGNIZABLE
IRNR (Tax on Non Residents) - 2011
IS (Tax on Companies) - 2012
IRPF (Tax on Personal Revenues) - 2015
DIRECT TAXES
ADAPTED AND COMPETITIVE
GENERAL NOMINAL RATE 10%
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Spain
Portugal
Luxembourg
Liechtenstein
France
Malta
Arab Emirates
Tax Framework
STANDARIZED
DTA AGREEMENTS
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Transparency and cooperationin Tax matters
EU
RECOGNIZABLE
STANDARIZED
EU Savings tax directive
2005-2017
Automatic Exchange of
Information
2018
Code of conduct
OECD Global Forum
Information exchange
upon request
Automatic Exchange
MCAA – 2018
Inclusive Framework
MLI – 2017 - BEPS
RECOGNIZABLE
STANDARIZED
Largely compliant
USA
RECOGNIZABLE
IRS - 2001General method
Fulfilled by entities
Andorran entities are
Qualified Intermediaries (QI)
FATCA2018
IT DD - EU / OECD Model
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Money laundering prevention
RECOGNIZABLE
Supervisory body
UIFAND
New Law on money laundering 2017
Criminal code modification
Inclusion of Tax Crime
NRA
National Risk Assessments - 2016
STANDARIZED
MONEYVAL – GAFI
Completed and approved 4th
Moneyval evaluation
December 2015
Beginning 5th
Moneyval evaluation
March 2017
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Monetary agreementFinancial sector regulation
EU Monetary agreement - 2012
Money laundering preventionSEGMENT 1 18 months
Fraud prevention and currency counterfeitSEGMENT 2 18 months
Euro banknote and Coin rulesSEGMENT 3 12 months
Reporting ECBSEGMENT 5 4 years
IOSCOSEGMENT 6 18 months – Members from 2013
Financial banking legislationSEGMENT 4
80%Payment methods 4 to 6 years
Banking regulation 4 to 6 years
Solvency, Accounting and Guarantee funds 4 to 6 years
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