ANDORRA’S BOX!

EU IS KICKED BACK; ANDORRA RULES

Nestled atop the high hills of the Pyrenees, the curious landlocked ‘co-principality’ of Andorra (between France and Spain) portrays the audacious march of David against Goliath. Apart from refuting the persistent EU demand of greater information sharing vis-á-vis its secretive banking sector, the consistent efforts of making it a major tourist destination as well as a tax haven for distraught and over-taxed Europeans reflects amply that something is terribly correct with the State of Andorra. The country of 67,000 does not have an airport to its credit, but attracts more than 12 million tourists annually. The turnaround in the economy has been more due to the incentive of practically having no taxation!

That island in the sea of punitive taxation regime practically imports everything while exporting nothing! The economy, based on banking secrecy, little regulation and minimal taxes, had almost every thing at stake in refusing EU’s demand for transparency. This step has singularly made the state of Andorra grow from an impoverished and lost kingdom to the front runner of prosperity in the western hemisphere. And even if that has meant obliteration of certain established rules, that is, in their opinion, for their survival and prosperity.

For Complete IIPM - Article, Click on IIPM-Editorial Link

Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006

Rashmi Bansal Publisher Of JAMMAG Magazine Caught Red-Handed, for details click on the following links:-

• Hindustan Times Article - Publisher goes underground
• Rashmi Bansal (Editor of JAMMAG)
• Rashmi Bansal (Publisher of JAMMAG)