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Andorra's Marti Rules Out Taxes On Wealth And Inheritances

by Ulrika Lomas, Tax-News.com, Brussels

24 June 2014

Andorran Prime Minister Antoni Marti has made clear that the Government has no plans to introduce a tax on wealth or inheritances.

During a speech to parliament on Government policy, Marti said the nation's tax system would be complete once the ten percent rate of individual income tax (IRPF) enters into force on January 1, 2015. He said the territory's new tax model, with a VAT-like general indirect tax (IGI), corporation tax, non-resident income tax, and imminent IRPF, already taxes all forms of wealth from a wide base and at moderate rates.

Marti also rejected as unjustified reports of possible tax rises in the future linked to external pressure from the Organization for Economic Cooperation and Development and the European Union. He reiterated the Government's commitment to low rates of taxation and said pressure to raise tariffs on individuals and businesses would only come from poor internal budgetary management.

Concluding, Marti said the reform of the tax system and the signing of double taxation agreements have boosted the country's international credibility and increased investor confidence. Andorra has signed DTAs with France and Luxembourg and is on the brink of finalizing deals with Spain and Portugal, he said.

TAGS: individuals | inheritance tax | compliance | tax | business | double tax agreement (DTA) | value added tax (VAT) | tax compliance | Portugal | tax avoidance | budget | tariffs | Organisation for Economic Co-operation and Development (OECD) | corporation tax | Luxembourg | agreements | tax rates | France | Spain | tax reform | individual income tax | European Union (EU) | Andorra | Europe | Tax | Tax Evasion

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