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Andorra's Opposition Social Democrat (PS) party has pledged to work with the Government to reach a resolution on contentious provisions in individual income tax (IRPF) and draft indirect tax legislation (IGI).
The Government's IRPF bill provides for the introduction of a tax on individual income from January 1, 2015. The legislation is designed to bring the nation's tax system in line with international norms, and to permit the signing of double taxation agreements (DTAs). The PS has refused to provide its support for the text in its current form.
The Government's IGI bill imposes a ceiling on general indirect tax deductions for banking entities. The aim of the measure is to increase revenue from the sector by EUR4.5m (USD6.2m), and address shortcomings following the transition from the indirect service tax (ISI) to the IGI.
The Social Democrats have insisted that the proposed changes do not go far enough. The party maintains that income from the IGI tax on banks must be raised by EUR20m to restore revenue to previous ISI levels.
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