Law 17/2011, from 1 December, on the modification of the law 95/2010, of 29 December, on the tax on companies since the General Council in its session of December 1st of 2011 has approved the following: law 17/2011, from 1 December, on the modification of the law 95/2010, of 29 December, on the tax on companies preamble : the approval of the law of income tax is the introduction of a new tax figure in the Andorran tax system which has a great significance both in terms of the internal economy as international economic relations. However, it should be borne in mind that this affects tribute to a very direct in the business fabric of the Principality, which forces you to pay attention that no negative form will result in the growth of the Andorran economy. On the other hand, some technical deficiencies have been detected in the text of the law should be addressed in order to ensure the correct operation and efficient tribute.
These are the reasons that make it necessary to amend the law that regulates the corporate tax, which is the object of this law. More specifically, we fix some technical aspects, such as the accrual of taxes in cases of transfer of the registered office of the company, including as a partially exempt at the Chamber of Commerce, given its nature and its purpose, the simplification with regard to the treatment of certain provisions and with respect to the regulation of related party transactions, which will relocate in the section of the determination of the basis for the regulation of accelerated depreciation in the new investments, among others.
The most significant changes are in the first place, the treatment given to the remuneration of the managers or members of the governing bodies of the organizations of Andorra. In this sense, the starting point is the fact that the legal relationship that exists between the administrators and the society is commercial in nature and, therefore, when the articles of Association determine an obligation of remuneration to the Board of Directors, this compensation must always be deductible corporation tax, because its mandatory character. To follow the principle of neutrality in the tribute, this reward of commercial nature is considered to be an income from an economic activity subject to this tax, when the recipient is a legal person and the tax on the income from economic activities when it is a person.
Secondly, it introduces a special scheme of taxation base objectively in replacement of the simplified scheme. The reason is clear: while the simplified system only provides a simplicity in the presentation of the Declaration of the tax, the system simplifies the calculation really objectively to determine the base of taxation and for small companies a percentage of estimativo expenses. This makes it easy to determine your taxable taxes and allows the Admin to have a control. This scheme is voluntary and to avoid improper use it is anticipated that the exercise of the option corresponding to the required tax law for a minimum of three years, except that does not comply with the conditions required by law. In this case, the exclusion occurs in the year after the breach.
Thirdly, modifies the special scheme of taxation consolidated to simplify it and give more legal certainty. The regulation was excessive and will lend itself to confusion, as it lands conveyed certain essential elements independently, as if it were another tribute.
Fourth, improved the special regime of the tenure of investments in foreign entities. In fifth place, a few significant incentives are introduced with respect to the creation of jobs and new investments, the aim of which is to promote the growth of the business fabric of the Andorran companies. In sixth place, simplifying the regulation of payment on account, and establishes the obligation at a time that does not coincide with the settlement of taxes. It also regulates the obligation to make a payment on account in the first year of application of the tax, and since there is no base or share of taxation in the previous year, this payment will be calculated on a percentage that is applied to the result of the immediately preceding accounting year. For taxable that is host to the special scheme for the determination of the tax base, the percentage of calculation is different for each type of activity, and is applied to the figure of income corresponding to the last year. In seventh place, derogates the repealing of the law on the tax on companies for which the rate was without effect on the register of holders of economic activities, and as a result has been to keep this rate, in the terms that has been applied to date.
At last look, and with a special relevance, this law derogates the second final provision of the law on the tax on companies who modified the law 21/2006, of the tax on capital gains on the transfer of real estate. So, with this repeal, capital gains derived from the transfer of real estate property or rights over such goods are subject to the tax on capital gains. However, the determination of the basis of taxation under the income tax provides for all the benefit of the institutions, by which the capital gains derived from the property or rights of real estate nature will be subject to two taxes at the same time. In order to avoid the double taxation that occurs due to this fact, the amount of the fee paid by the capital gains tax is deducted from the total share of the tax on companies, even in cases where the payment of the first tribute to be superior to the one that corresponds to the gain in the second, the tribute of the income tax. So, in that there is no double taxation and will be able to keep the current model of taxation of profits derived from the assets or rights of this nature.
This law is made up of 30 articles and a final provision.
Article 1 modifies the letter d of paragraph 1 of article 7 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "d) who have transferred their residence in the Principality of Andorra, from the moment in which they've perfected the transfer of its registered office in Andorra, in accordance with the corporate law."
Modifies the article 8 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 8 Exemptions 1. Are fully exempt from the tax: a) the General Council b) the Government c) Are common) The Andorran Social Security 2. Are partially exempt from the tax: a) The non-profit foundations b) The non-profit associations are regulated by the law of associations, of 29 December 2000 c) the Catholic Church and other confessions of) The professional associations e) federations non-profit purposes f) confederations with non-profit purposes g) non-profit purposes unions h) trade unions and political parties) j) consortia k) schools , the institutes and schools of professional training of the public) public universities m) Other cultural entities or non-profit character n) social mutual societies for accidents at work and occupational diseases or) The quarter-p) the Chamber of Commerce, industry and Services 3. In relation to the entities referred to in paragraph 2, are only exempt from this tax the following income: a) which come from the completion of activities that constitute the corporate purpose or the specific purpose, in accordance with the specific legislation.
b) arising from acquisitions and transfers to profit, as long as the one and the other are done in accordance with its object or its specific purpose, in accordance with the legislation of its own.
c) which are set out in the onerous transfer of property used in the performance of the object or the specific purpose when the total of the product retrieved from it being channelled into new investments related to this specific object or purpose.
The new investments must be made within the period between the year prior to the date of delivery, or of the availability of the property element and the three following years, and shall be kept in the heritage of the company for four years, although its useful life in accordance with the method of depreciation that article 10 is less than.
In the event that the investment is not made within the period indicated, the share of tax corresponding to the income obtained is integrated, in addition to the interests of delay, together with the fee corresponding to the tax period in which he beat the deadline and to carry out the investment. The transmission of these elements before the end of the period mentioned determines the integration in the basis of taxation of the income not recorded, unless the amount obtained is the subject of a new reinvestment.
4. The exemption that regulate the sections 2 and 3 is less than returns to financial holdings, or the income from the assets, or the income obtained in transmissions other than those expressly point out that the mentioned sections. However, the taxable referred to in paragraph 2 are fully exempt from tax for this tax when their income resulting from such activities not covered by the exemption provisions of this precept to be inferior to 10,000 euros per year. "
Article 3 modifies section 4 of article 9 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "4. In the system of the tax base is calculated objectively applying the rules laid down in article 24 bis of this law."
Article 4 modifies the article 12 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 12 Provisions 1. Provisions for liabilities provisions or specific accounting standards of the sector are fiscally deductible. However, they are not tax deductible those relating to remuneration in the long term to the personnel, except that in the case of contributions for staff remuneration under the terms provided in the accounting regulations. However, are tax deductible contributions from promoters of social systems, provided they meet the following requirements:-they are charged specifically to people who are linked to performance.
-Which is transmitted for irrevocable right to the perception of the future benefits.
-That is outsourced in the sense that it will transmit the ownership and the management of resources in what cehipar these contributions.
2. Expenses, in accordance with the previous section, you do not have been fiscally deductible are included in the basis of taxation of the tax period in which the provision will be applied to your order.
3. The expenses inherent to the risks arising from guarantees of repair and revision are tax deductible up to the amount necessary to determine a balance of allowance of no more than the result of applying to sales with live coverage at the conclusion of the tax period the percentage determined by the ratio between the expenses made to deal with the guarantees arising from the tax period and the previous two in relation to the sales with guarantees made in the same tax periods.
4. Accordingly, it deletes the second paragraph of section 4 of the article 19 of law 95/2010, of 29 December, on the tax on companies. "
Article 5 modifies the terms of paragraph 2 of article 13 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "2. The remuneration to directors and administrators linked specifically to the performance of these charges are only tax deductible when they are provided for in the statutes of the society, and have the recipient the consideration of income subject to income tax or the tax on economic activities , depending on whether it is a legal entity or natural person, according to the case. "
Article 6 deleted article 14 of law 95/2010, of 29 December, on the tax on companies.
Article 7 is modified in paragraph 1 of article 15 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "1. The assets are valued according to the purchase price or production cost, determined in accordance with the rules established in the general accounting plan."
Article 8 deleted the section 5 of article 16 of the law 95/2010, of 29 December, on the tax on companies, and consequently sections 6 and 7 are numbered again with the numbers 5 and 6, respectively.
Suppresses the paragraph 2 of article 17 of the law 95/2010, of 29 December, on the tax on companies and, consequently, paragraph 3 goes on to have the number 2.
Article 10 is deleted paragraph 6 of article 19 of law 95/2010, of 29 December, on the tax on companies and, as a result, the section 7 goes on to have the number 6.
Article 11 deleted paragraphs 2 and 3 of article 21 of the law 95/2010, of 29 December, on the tax on companies and, accordingly, section 1 remains without numbering.
Article 12 is adds a new article within the chapter of the special schemes, which regulates the system of objective determination, to law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 24 bis special scheme of taxation base objective determination 1. Are taxable in that its turnover in the preceding financial year of which does not exceed 300,000 euros, will be host to the special regime provided in this article.
2. Notwithstanding the preceding paragraph, that described in for cases of taxable to develop professional activities, the turnover to which it referred in the previous section, so that they can benefit from this special scheme is 150,000 euros.
3. In the case of the previous year has a duration of less than 12 months, for calculation of the limits mentioned above, must take into account the turnover corresponding to the period of 12 months.
4. The option of hosting this objectively scheme is voluntary, but if you do so, this regime will be mandatory for all economic activities that make the tax required. The required tax law that will want to benefit from this scheme you must notify the Ministry responsible for Finance before the end of the previous year on the need to have any effect, in the terms to be determined by the regulations. Once you have opted for this scheme, it should be kept during a minimum period of three years, and to leave it there needs to be give up through a communication to the Ministry in charge of Finance before the end of the previous year which is to take effect. In the case of newly created entities, the option to qualify for this scheme must be made during the month following the entry in the register of companies. For the first year of application of this law, the deadline to apply for this scheme is two months from the entry into force of this law.
5. The determination of the basis of taxation in the form of objective determination is done by the sum of the net performance of the activity and the result, positive or negative, of the extraordinary results obtained for the transmission of fixed assets in the activity.
6. The performance of the activity is calculated by the difference between the revenues that come from the same, calculated in accordance with the rules established by the income tax, and the percentages estimatius of the expenses listed below, depending on the type of economic activity that takes place, applied to the amount of income from the activity. The figure does not include the income from the transfer of fixed assets used in the activity, which is additional to the result of the performance of the activity.
7. The percentages of applicable expenses are as follows: a) in the case of activities that are strictly commercial, deductible expenses is quantified in 80 percent of the income figure.
b) in the case of remuneration to administrators or members of the governing bodies, the deductible expenses was quantified in 2 percent of the amount of the remuneration.
c) in other activities the deductible expenses is quantified in the 40 percent of the income figure.
These effects are strictly those business activities which consist in the delivery of the goods without that they have been the subject of previous transformation.
8. In the event that the tax must develop diverse activities, the calculation is done by activity activity and are integrated into a single payment by each tax liable.
9. Are included in the basis of taxation of this regime, the acquisition of property or rights affects the activity, acquired in profit. "
Article 13 modifies article 25 of law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 25 special tax consolidation Regime 1. The taxable that particular form of public limited companies or limited Andorra that form part of a tax group can pay for under the provisions in this article.
2. Are part of a tax group all societies that participate in other companies at a level greater than or equal to 75 percent of its share capital or of the voting rights. The tax group is formed by both the participating entities and subsidiaries, provided that all are taxable to that tax. This participation must be maintained continuously during the entire tax period. The level of participation that it holds can be directly or indirectly. The indirect participation will be the result of multiplying the percentages of participation.
3. Cannot form part of a tax group: a) the exempt entities to which refers to article 8 of the law;
b) entities that when you close the tax period are in a situation of suspension of payments or bankruptcy, or your net worth is negative; affiliated societies and c), the participation of which is achieved through another company that does not comply with the requirements established by a member of the tax group.
d) societies that have opted for the application of some other special regime provided for in articles 23, 24 and 24 bis of this law.
4. The societies that have to integrate a tax group must notify the Ministry responsible for Finance before the start of the year, which must be agreed to by the Board of members each and every one of the companies affected. The parent must notify the agreements to the Ministry in charge of Finance before the beginning of the tax period in which it is applicable this regime and the subsequent changes in the composition of the group.
5. The tax group's subsidiary companies have to present their individual statement, and must determine its tax base and applicable deductions, without having to pay the resulting fee.
6. The company participant determines its base of taxation in accordance with the rules set out in this title of the law, so that must be integrated in the base of taxation the tax bases of each of the affiliated entities that make up the tax group, and you must press the corresponding deletions for internal transactions carried out between companies of the Group in accordance with the provisions of accounting standards for the formulation of consolidated annual accounts and the law 30/2007, of December 20, the accounting for entrepreneurs. The deletions have been made to integrate at the base of taxation when the operations are carried out with third parties, under the terms provided in the accounting policy relating to consolidation.
7. the basis of negative taxation tax group are compensables with respect to the positive of the group that is generated during the next ten years.
8. the basis of negative taxation pending compensation generated by affiliated companies before they are integrated into the tax group, can only be offset by positive tax bases of the same entity.
9. The share of taxation of the tax group is reduced accordingly in the amount of the deduction provisions Chapter VIII that have the right each company that integrates the tax group. The requirements to apply deductions mentioned refer to the tax group. Deductions of any society pending application at the time that they have been included in the tax group can be derived from the share of taxation of the tax group with the corresponding limit to the society mentioned in the single scheme of taxation.
10. The tax period of all the societies of the group must match that of the parent company.
11. The parent must formulate, for tax purposes, the balance sheet and the consolidated profit and loss account, with the application of the method of global integration in all societies that make up the tax group. The consolidated annual accounts refer to the same date and time that the annual accounts of the parent company, so that the subsidiary must shut down your exercise at the date on which you make the parent. In this sense, the dominant entity has to attach to the settlement of the tax the following information: a) The eliminations made in previous tax periods pending addition and deletions made in the tax period in duly justified its source and amount.
b) The additions made in the tax period, equally justified in their origin and quantity.
c) differences, properly explained, that there may be between the deletions and additions made for the purpose of determining the tax base of tax group and carried out for the purposes of the preparation of the consolidated annual accounts.
12. The obligation to make payments on account of tax group is the responsibility of the company participant.
13. On the basis of the exercise you have opted for this scheme, all the members of the group are forced up to the time that you renounce to your application.
14. Once you have exercised the option, the tax group is linked to this scheme indefinitely for the following tax periods, while it will not meet the exclusion reasons regulated in this article and while it will not renounce its application through the relevant procedure determined by regulations, which must be exercised, if necessary, within a period of three months from the end of the last tax period in which it has been applied.
15. The tax group is terminated when the company participant loses the character mentioned.
16. In the event that the tax consolidation regime and the tax group capercaillie, with respect to the pending deletions of incorporation, the negative tax bases of the Group tax and deductions in the payment of compensation, it is necessary to proceed as follows: a) The pending deletions of incorporation are included in the basis of taxation of the tax group in the last tax period in which the tax consolidation regime is applicable.
b) societies that make up the tax group in the tax period in which the loss occurs or the termination of this regime must assume the right to the compensation of the negative taxation tax group to compensate, in the part that have contributed to its formation.
The compensation is done with the positive tax bases to be determined in individual regime of taxation.
c) societies that make up the tax group in the tax period in which the loss occurs or the termination of this regime must assume the right to compensation for deductions of the tax group's share of compensation, in the part in which have contributed to its formation.
17. The provisions of the previous sections is applicable when one or more of the companies that make up the tax group there are no longer belong.
18. The societies of the group the tax debt payment severally respond tax except with regard to the sanctions. "
Article 14 modifies article 26, of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 26 special scheme of repayment for new investments the acquisition of property and rights for economic activity, made after the entry into force of this law may amortize-to tax effects, based on some new coefficients of linear depreciation resulting from multiply by 2.5 are estimated coefficients referred to in article 10 of this law. "
Article 15 derogate the articles from 27 to 37 of the law 95/2010, of 29 December, on the tax on companies, both inclusive, and are left without effect.
Article 16 modifies the article 38, of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 38 Special Regime of tenure of investments in foreign companies 1. The taxable having the form of a public limited company or limited and whose exclusive object the management and ownership of shares in foreign companies can apply for the application of this special scheme.
2. the securities or the shares of participation in the capital of the holding entity of foreign values must be non-negotiable.
3. The societies that host in this scheme obtained a waiver on the basis of taxation of the dividends you receive shares in other companies and of the results obtained from the transmission.
In this sense the society must identify in the memory of your annual accounts details of the portfolio you have, and must identify the shares in the companies that have or have had in the exercise, its heritage value and dividends or the reservations that register in the exercise.
4. distributed benefits charged to the exempt income are exempt from the tax of the Member societies in the case of an Andorran society.
5. The possession of shares in foreign companies must submit a statement of the tax, although it does not have to satisfy any tax debt. "
Article 17 modifies the article 39 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 39 tax Period 1. The tax period coincides with the economic performance of the entity.
2. In any case, the tax period has concluded: in) When the entity is terminated, at the time in which to produce the registration cancellation.
b) when you have a change of residence of the entity tax resident in the territory of Andorra abroad, at the time at which the transfer register in the register of companies.
c) when the transformation of the legal form of the entity and that determine the non-subject to this tax in the resulting entity, at the time of the registration of the transformation in the register of companies. To determine the taxable base corresponding to this tax period, it is understood that the entity has been dissolved with the effects provided for in paragraph 3 of article 15.
d) when the transformation of the legal form of the entity, and this determines the modification of your tax rate, at the time of the registration of the transformation in the register of companies.
3. The tax period may not exceed twelve months. In the case that the social exercise exceeds, the period ends at the moment of concluding the twelve months. "
Article 18 modifies the title of the eighth chapter, "settlement Fee: Deduction to eliminate internal and international double taxation of Act 95/2010, of 29 December, on the tax on companies", which happens to be renamed as follows: "Chapter eight. Settlement fee: deduction to eliminate internal and international double taxation and deduction for creation of jobs and investments "Article 19 modifies the article 43 of the law 95/2010, of 29 December, of the income tax, which is worded as follows:" Article 43 settlement Payment and deduction to eliminate internal and international double taxation 1. The settlement is the result of subtracting the tax fee deduction for internal and international double taxation regulated by this article and the deduction for investments and the creation of jobs that regulates the following article. The settlement fee cannot be negative and as a minimum is zero amount deposited.
2. The payment of taxation is reduced accordingly to the amount of the tax fees met by the tax obligation to the communal tax on income from tenants, to the communal tax on the moment of commercial activities, business and professional, and the tax on capital gains on the transfer of real estate corresponding to incomes that have been integrated into the tax base of this tax.
3. When in the basis of taxation of the income tax law required integrated and recorded abroad, is deducted from the payment of tax the least of the two following amounts: a) the cash amount paid abroad for reasons of burden of similar characteristics to this tax that has to be subject to taxation the tax required.
b) the amount of the tax that would have been paid in the Principality of Andorra to the above-mentioned income if they had obtained in Andorran territory.
For the purposes of the calculation of this amount, the tax base corresponding to the foreign income is determined in accordance with the rules of this tax, and are solely attributable to this basis of taxation expenses specifically connected with the generation of income mentioned.
4. The amount of the tax paid abroad is included in income in accordance with the provisions of the preceding paragraph and, likewise, is part of the basis of taxation, although is not fully deductible.
5. When the required income tax on the tax period has obtained several overseas, the deduction will be calculated jointly for all.
6. The amounts not deducted for lack of payment of taxation can be deduced in the three tax periods that subsequently have been completed.
For this purpose, the tax obligation to prove the origin and the amount of the deduction that intend to carry out by the display of appropriate documentary, regardless of the period in which originated the right to deduction.
7. Without prejudice to the established in the previous sections of this article, when in previous tax periods tax rents NET has obtained the required negative through a permanent establishment abroad that have been integrated in the basis of taxation of the entity, the deduction referred to in paragraph 3 only applies later in respect of income obtained for the permanent establishment mentioned from the moment in which it exceeds the amount of these negative incomes.
8. The provisions of this article do not apply in relation to profits or gains arising from collective investment institutions referred to the law 10/2008 of 12 June, regulating collective investment bodies of Andorran law or non-tax resident organizations of similar nature in the regulated by this law. "
Article 20 article 44 of the law modifies the 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 44 Deduction for creation of jobs and investments 1. Are taxable can diminish the share of taxation the following amounts:
a) the result of multiplying the amount of 3,000 euros per person increase means annual fixed template that has the required tax law. For this purpose only calculated the labour contracts signed in Andorra and subject to labour legislation in Andorra. For the determination of the average increase of staff, it is estimated the average staff prorratejant the number of people by the days of the year that are contracted in employment relationship for the required tax and compares to the average staff of the previous year, determined in the same way. This increase means of staff must be kept in the year subsequent to the closing of the financial year. In the case that does not meet this increase means template, the tax must have to enter the amount of the deduction applied, together with the late payment penalty.
b) The result of applying the 5 per cent to the value of the new investments made in Andorra of fixed assets to the affected business activity. These assets must be keep for a minimum of five years from the time they purchase. In the event that does not comply with the maintenance of the investment for the minimum period of five years, the tax must have to enter the amount of the deduction applied, together with the late payment penalty.
c) deductions provided for in this article, not applied for insufficient fee, can be deducted from the share of taxation of the three subsequent exercises. "
Article 21 modifies article 45 of law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 45 The payment on account 1. In the month of September are taxable must be made a payment on account of the liquidation corresponding to the tax period is underway on 1 September.
2. The payment on account will be calculated by applying the percentage of 50 percent on the settlement of the immediately preceding financial year. In the case that the previous period has a duration of less than twelve months, the payment on account is made taking into account the proportional part of the settlement of previous periods to complete a period of twelve months.
3. The payment on account has the consideration of tax debt in accordance with article 33 of the law on the bases of the Tax Ordinance. "
Article 22 modifies the article 56 of the law 95/2010, of 29 December, of the income tax, which is worded as follows: "Article 56 voluntary accounting Revaluations revalued accountants do not have tax purposes regardless of the date on which they have conducted or were carried out. In the event that the required accounting adjustments made to make tax has to be mentioned in the memory the amount of these revaluations, the items affected and the period or the tax periods in which they practice. These mentions should be made in each and every one of the memories pertaining to exercises in which the revalorats elements are in the heritage of the tax obligation. The accounting revaluations carried out by taxable, you have to adjust the base of taxation in accordance with the provisions of this law.
In the case of property or shares or social interests, acquired by the compulsory tax law before the date of entry into application of this law, is not supported any revaluation of the value of the acquisition, and for tax purposes, this will be consigned on your notarial title acquisition. In the event that in the notarial title of acquisition do not set the value of the assets or rights mentioned above, the tax obligation to prove the market value of the assets or rights in the moment in which he acquired. For any other property item acquired by the tax obligation before the date of entry into application of this law, is valued as of the acquisition price or production cost, determined in accordance with the valuation rules laid down in this law.
The Ministry of finance can check, by means of expert assessment, the real value of the assets. "
Article 23 derogates the first transitional provision of law 95/2010, of 29 December, on the tax on companies, and is left without effect.
Article 24 derogates the third transitional provision of the law 95/2010, of 29 December, on the tax on companies, leaving her without effect.
Article 25 modifies the fourth transitional provision of law 95/2010, of 29 December, which is written in the following way: "the fourth transitional provision. Payment on account during the first year of application of the tax.
During the first year of application of the tax payment is required that is determined by the application of a rate of 2.5 per cent on the previous year as a result of the accounting tax period, determined according to the rules provided in law 30/2007, of December 20, the accounting for entrepreneurs.
However, for taxable special regime welcomed objectively, the payments to the account for the first year of application are determined by applying on the number of ordinary income of the activity the following percentages: a) in the case of commercial activities, the 0.5 percent;
b) in the case of remuneration to administrators or members of the governing bodies, the 2.45 percent;
c) in all other activities, the 1.5 percent.
Article 26 repeal of the law derogates the 95/2010, of 29 December, on the tax on companies, and is left without effect.
Article 27 derogates the second final provision of law 95/2010, of 29 December, on the tax on companies, leaving her without effect.
Article 28 derogates the third final provision of law 95/2010, of 29 December, on the tax on companies, and is left without effect.
Article 29 derogates the sixth final provision of law 95/2010, of 29 December, on the tax on companies, and is left without effect.
Final provision. Entry into force this law enters into force the day after being published in the official bulletin of the Principality of Andorra and applies to tax periods that commence on or after January 1, 2012.
Casa de la Vall, December 1, 2011 Vicenç Mateu Zamora Syndic General Us the co-princes the sancionem and promulguem and let's get the publication in the official bulletin of the Principality of Andorra.
Nicolas Sarkozy Joan Enric Vives Sicília and President of the French Republic and the Bishop of Urgell Co-prince of Andorra Co-prince of Andorra