“Antoni Marti, the head of government of the tiny mountain nation, announced the move on Friday during a Paris meeting with French President Francois Hollande. A bill would create a tax on personal income as part of an effort to ‘progressively bring its tax system in line with international standards’. There is currently no income tax applied to individuals based in Andorra, but the country did introduce a modest corporate levy for the first time last year and a system of Value Added Tax from January 2013. Andorra, with its population of 85,000, has relied on banking secrecy, tourism and duty-free trade to become a financial and commercial success.”
