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French President and Co-Prince of Andorra François Hollande praised the Andorran Government's decision to open up the nation's economy and reform the tax system in the wake of the financial crisis during a recent visit to the Principality.
Hollande said the country had chosen openness and a commitment to a broad movement of reforms "with a particularly ambitious agenda." He said decisions to lift restrictions on foreign capital and the modernization of taxation will allow the country to fully integrate with Europe and the rest of the world, and enable the territory to balance its public finances.
Since 2009, Andorra has introduced a VAT-like general indirect tax (IGI), corporation tax, and non-resident income tax. Meanwhile, the Principality intends to apply personal income tax from January 1, 2015. The signing of tax information exchange agreements and double taxation treaties, including a double tax accord with France, further demonstrates the country's efforts to ensure tax equity and tax compliance, Hollande said.
The French Council of Ministers approved a draft law authorizing ratification of the DTA with Andorra on June 11. The agreement aims to prevent double taxation and tax evasion with respect to taxes on income, strengthen legal certainty, boost mutual investment, and increase tax cooperation between the two states.
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