Page 122 - Economic report 2020

Timeline of the most significant

economic developments in 2022

January

01/01 > The interprofessional minimum hourly wage increases 3.3%, to €1,157.87.

> Entry into force of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent
Base Erosion and Profit Shifting (MLI Convention).

> Application of the tax on carbon dioxide (CO ) emissions, the so-called “green tax” on hydrocarbons.
2
14/01 > Standard & Poor’s rating agency confirms Andorra’s rating of BBB/A-2 and revises the outlook from
stable to positive.
> Fitch Ratings agency confirms Andorra’s rating as BBB+ and revises the Principality’s outlook from
stable to positive.

31/01 > Approval of Law 4/2022, on the 2022 National Budget.

February

02/02 > The Government approves formalisation of the €8 million loan with the Council of Europe Development
Bank (CEB) to finance part of the planned expenditure for implementing the Digital Transformation Plan
120 in Andorra.

04/02 > Moody’s rating agency gives Andorra a rating of Baa2 with a stable outlook.

11/02 > Creand Crèdit Andorrà formalises the purchase of 100% of the share capital of Vall Banc SA, an entity
owned by the J. C. Flowers & Co. Fund, thereby ratifying the agreement announced in September 2021.

16/02 > Approval of the public debt issue “Sustainable notes of the Principality of Andorra in the international
markets” for the amount of €500 million, according to the base prospectus programme approved on 23
April 2021.

24/02 > War breaks out between Russia and Ukraine, unleashing a serious energy and supply crisis which leads
to rising global inflation and consequences for world growth.
Timeline of the most significant economic developments in 2022

March

03/03 > Approval of Law 5/2022, on application of international sanctions within the framework of the Ukraine war.

30/03 > The Government issues Decree 120/2022, approving the General Accounting Plan. This establishes
that all businesses, including those with an annual income of less than €150,000, must file their annual
accounts with the Registry for Filing Accounts. The model of simplified accounts disappears while
abbreviated accounts are simplified.

31/03 > Approval of Law 6/2022, for effective implementation of the right to equal treatment and
opportunities and non-discrimination between men and women.