afs 2017 j. cinca - andorran financial...
TRANSCRIPT
Economic opening at the core of future strategies
ECONOMIC OPENING
TRANSPARENCY AND COOPERATION IN TAX MATTERS
EU MONETARY AGREEMENTMONEY LAUNDERING
PREVENTION
TAX FRAMEWORK
Success factors
RECOGNIZABLE
STANDARIZED
ADAPTED TO THE ANDORRAN REALITY
1
2
3
TaxFramework
SUSTAINABLE PUBLIC FINANCES
PUBLIC DEBT <40% GDP
ANNUAL DEFICIT <1% GDP
Adaptation of the public accounts to NICSP - 2017
% 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
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%
Spain
Portugal
Luxembourg
Liechtenstein
France
Malta
Arab Emirates
Tax Framework
STANDARIZED
DTA AGREEMENTS
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
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
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