Income Tax Introduced For The First Time In Andorra
On the 2nd May this year, it was announced that Andorra is to introduce a tax on personal income for the very first time. Its European neighbours have been putting pressure on the country for a significant period of time, claiming that this level of ‘tax evasion’ needed to be tackled.
The head of the Andorran government, Antoni Marti, has told the President of France, Francois Hollande that a bill will be introduced to his government before the 30th June.
Currently in Andorra, there is no income tax applied to either corporations and companies or individuals. This has seen businesses from all over the world taking advantage of the set up in order to evade tax in other countries that they operate in.
The move finally came as pressure from the European Commission and European Parliament was put on the country to implement change due to the problems that the set up was causing.
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