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Today’s Top Headlines

Andorra Adjusts Indirect Tax Rates In IGI Bill

by Ulrika Lomas,, Brussels

27 May 2014

Andorra's Finance and Budget Legislative Committee has backed a proposal, submitted by the Opposition Social Democrat (PS) party, to apply a 2.5 percent reduced rate of general indirect taxation (IGI) to public transport, cultural activities, including cinema and theater entry tickets, and the country's main tourist attractions Caldea and Naturlandia.

The Committee also adopted the party's proposal to subject art and antique trading to IGI at a rate of 2.5 percent, instead of the 1 percent rate advocated by the Government, agreeing that the 1 percent IGI tariff should be reserved exclusively for essential goods.

The proposals adopted by the Committee will now be included in the Government's bill to revise the IGI law, which contains proposals to raise the tax take from banks by capping IGI deductions. Earlier it was agreed that the bill should include cable transport in the scope of the 2.5 percent reduced IGI rate.

Lawmakers will vote on the IGI bill in June.

TAGS: Finance | VAT rates | tax | value added tax (VAT) | VAT cross-border transactions | tax rates | tax breaks | trade | Andorra | services | VAT goods & services classification

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