Sunday 18 March 2018

Andorra plans to tax income for first time

Andorra is to introduce a tax on personal income for the first time as it faces EU pressure to tackle tax evasion.

Antoni Marti, the head of the Andorran government, told French President Francois Hollande he would introduce a bill before June 30.

There is currently no income tax for individuals or corporations, but the principality will move to "gradually meet international tax standards".

EU finance ministers are to start talks with Andorra, Switzerland, Liechtenstein, Monaco, and San Marino on swapping bank-account data.

Tax evasion costs EU states €1 trillion a year.

Irish Independent

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