In a recently published report, summarising the legal and regulatory framework
for transparency and exchange of information for tax purposes in Liechtenstein,
the OECD's Global Forum underlines the principality’s commitment in the area of
taxation, explicitly praising progress in implementing international standards
on mutual assistance.
Having finally completed phase one of the review process, in which it assessed
the quality of Liechtenstein’s legal and regulatory framework for the
exchange of information, the Global Forum states in its report that the country
fulfils most of the important legal requirements and criteria, either completely
or in part.
Positively assessing Liechtenstein’s mutual assistance law, and in particular
the availability of banking information for all account holders, the Global
Forum also praises the principality’s procedures for providing mutual
assistance, noting that the provisions serve to guarantee not only the confidentiality,
but also the rights and security of individuals.
Underlining the significant progress made by Liechtenstein up until now in
negotiating a network of tax agreements with numerous key partners, following
its declaration of March 2009, the Global Forum notes that the concluded agreements
conform in the key areas to the agreed international standards.
Concluding its review, however, the Global Forum laments the country’s
accounting rules, pointing out that the provisions do not fully satisfy international
requirements for all legal forms, notably for trusts, trust companies and institutions.
Commenting on the Global Forum’s positive report, Liechtenstein’s
Prime Minister Klaus Tschütscher emphasized that the review now gives the
principality further momentum for its initiated reforms, and motivation to continue
consistently in its efforts to become a stable and transparent financial and economic
location.
According to the Liechtenstein administration, the government is determined
to give high priority to the further implementation of the OECD standards, to which it committed
itself in its declaration of March 12, 2009, and to extend its network of double
taxation agreements.
Concluding his statement, Prime Minister Tschütscher underlined that the
government now aims to examine the Global Forum’s recommendations and
to take any necessary implementation measures required.
Phase two of the peer review process, in which the effectiveness of the exchange
of information is monitored, is due to take place at the end of 2012.
LAWANDTAX-NEWS.COM
