Taxation

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Draft law to modify the law governing foreign investment in Andorra                            

The draft to modify the 2012 law governing foreign investment in Andorra has been presented. The main aims of this reform are to conform to other countries’ standards in this field and to streamline the procedure for certain investments. Apart from this major change, the new regulatory framework also provides for a system of subsequent control and for a penalty system, neither of which existed previously. It is worth noting that foreign investment currently represents 18.7% of Andorra’s GDP, and …

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Sentencia

Changes to the Spanish tax form 720 for declaration of assets and rights abroad    

On 27th January, 2022, the Court of Justice of the European Union ruled on the Spanish tax form 720, which obliges holders of accounts in financial institutions, securities, assets, property, virtual currencies or life assurance with a purchase value that exceeds 50,000 euros, and who are resident in Spain, to inform the Spanish Tax Agency about their property and other assets abroad. According to the CJEU, the terms of the form are contrary to EU law, so Spain will have …

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Non-residents in Spain can now pay income tax from Andorra

If you have a property in Spain as a second home in which to spend your holidays or for letting, this article will be of interest to you. You may not know that, even if you do not have a residence or live permanently in Spain, you have to declare and pay taxes on the property that you own on Spanish territory. You will have to submit the Non-Resident Income Tax (NRIT) return in Spain. In this article we give …

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Andorra modifies its corporate tax regulations to allow online filing of tax returns

The Andorran tax system is being modernised with a commitment to creating new online portals for filing tax returns. As a result, the regulations governing corporate tax and income tax for non-resident taxpayers have been modified to include new forms that are being made available to allow online filing. From this year onwards, Corporation Tax and IRNR tax returns can only be filed through the virtual office of the Andorran government’s tax and duties department. In addition to these two …

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The new international agreement on Corporation Tax will not affect Andorra.

A new reform of the tax system, driven by the G-7 countries, is imminent. This is the result of an international agreement to maintain a worldwide minimum rate of corporation tax. In fact, countries from the G-20 and institutions such as the OECD and the European Union have been searching for this agreement for years. Although it is expected to be a reform that will be implemented by most of the states that are members of those organizations, it will not …

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New portal for filing tax returns online in Andorra

Desde el pasado mes de julio, ya es posible hacer la declaración en línea de dos otros impuestos de Andorra. Since last July, it has been possible to file two other Andorran taxes online. In June, the Andorran Cabinet of Ministers approved the modification of the regulations for corporate income tax and income tax for non-resident taxpayers to allow the filing of returns through a new web portal.  This follows on from the personal income tax (IRPF), which it has …

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Taxes in Andorra compared to other countries

Most investors are attracted to Andorra for its low tax rates, which are much more competitive than France, Spain and other European countries. Below, you can find the differences between the main taxes in Andorra and the United Kingdom. If you’re considering moving your company to the principality, this article will tell you everything you need to know. Andorran VAT While VAT in Spain is 21%, in France is 20% and the average for European countries is almost 21%, in …

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Tax on empty properties in Andorra

The Andorran government approved the introduction of a new tax on empty properties in December of last year. This fee falls under law 3/2019, governing urgent measures in relation to housing rental. Tax on empty properties This new tax has been designed to regulate the flat and house rental market and to improve access to affordable housing. This type of property is becoming scarce at the moment, due to increased sales and a rise in tourist accommodation driven by new …

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Andorran taxpayer’s calendar

Below you will find the tax calendar for the payment and settlement of the main taxes in Andorra. General Indirect Tax (IGI) The settlement of Andorran VAT depends on the annual turnover from the previous year: – Half-yearly (January and July): businesses with a turnover of less than 250,000 euros – Quarterly (January, April, July and October): businesses with a turnover of between 250,000 euros and 3,600,000 euros – Monthly: companies with an annual turnover in Andorra of more than …

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Tax-system

The Andorran tax system: ranked 20th on a list of 190 countries

According to the Paying Taxes analysis carried out by the World Bank as part of a larger study called Doing Business, Andorra’s tax system has been ranked 20th among a list of 190 assessed countries. The principality received a good rating in the field of taxation, above Switzerland and below Canada.   Assessment of the tax system The method used by the Paying Taxes indicator is based on the assessment of the total taxes that companies must pay as well …

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