Andorra to introduce income tax
June 3 , 2013
Andorra is set to introduce a tax on personal income for the first time following pressure from fellow European nations to curb tax evasion.
Antoni Marti, the head of the Andorran government, said on Sunday he would introduce the bill before the end of the month.
At present, income tax is not applicable to individuals or corporations in the French principality.
In other developments, European Union finance ministers have agreed to hold talks with Andorra, along with Switzerland, Liechtenstein, Monaco and San Marino, on trading bank account information to tackle tax evasion.
It is estimated that tax evasion costs EU member states $1.3 trillion a year.
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