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| Germany, Liechtenstein Edge Closer To Tax Deal |
by Ulrika Lomas, Tax-News.com, Brussels
Friday, August 19, 2011
Germany and the Principality of Liechtenstein recently initialled in Berlin a
draft agreement, designed to avoid double taxation and tax evasion in the area
of taxes on income and capital.
According to a joint statement issued by both the German finance ministry and
the Liechtenstein government, the double taxation agreement (DTA) will serve
to further strengthen the existing “good economic relations” between
the two countries and to further develop cooperation in tax matters for mutual
benefit.
In their statement, both countries emphasized, however, that provisions establishing
possible procedures for the retrospective taxation of previously untaxed capital
deposits held by German investors in Liechtenstein, as well those establishing
possible procedures for the taxation of capital income, would not be included
in the new DTA. The two countries confirmed instead that any such provisions
would be the focus of future discussions pertaining to the conclusion of a separate
agreement.
The initialling of the draft double taxation agreement between the two countries
marks a formal end to negotiations, the statement continues, which were initiated at the conclusion of the tax information exchange agreement
(TIEA) signed by both parties on September 2, 2009.
The signing of the bilateral DTA between Germany and Liechtenstein is expected
to take place this year. In accordance with international
practice, the text of the agreement will be published following the signing
of the agreement.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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