Andorra Joins Exchange To Combat Tax Avoidance

Law360, New York (November 5, 2013, 4:50 PM EST) -- Once renowned for its status as a tax haven, the nation of Andorra on Tuesday became the 60th nation to sign an OECD information-sharing agreement to thwart tax evasion by contributing to a worldwide, automatic exchange. 

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters allows for member states to exchange information, conduct tax examinations abroad and assist other member states in tax collection. It also allows countries to access an automatic exchange that the OECD calls the new global standard.

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