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| Liechtenstein, Australia Sign TIEA |
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, June 23, 2011
Liechtenstein’s Prime Minister and Finance Minister Klaus Tschütscher
and the Australian ambassador to Liechtenstein Peter Tesch have recently signed
in Vaduz a bilateral tax information exchange agreement (TIEA) in accordance with
the Organization for Economic Cooperation and Development’s (OECD) standard.
A joint declaration has also been signed.
Commenting on the signing of the agreement, Liechtenstein’s Prime Minister
Tschütscher emphasized that the agreement is a further sign of the Principality’s
commitment to implementing current international standards in matters of fiscal
transparency and tax information exchange. With the signing of the agreement,
Liechtenstein has once again highlighted the consistency and the credibility
of the government’s financial centre and fiscal strategies, he added.
Since the end of
2008, Liechtenstein has signed tax agreements with a total of 24 countries (including
the TIEA with Australia). The declared aim of the government, it adds, is to
continue to implement existing international standards, and, in particular,
to extend its network of double taxation agreements both in Europe and globally.
The
TIEA with Australia is said to be a standard agreement, providing for an exchange of fiscal
information upon request. In the joint declaration, Liechtenstein and Australia
pledge to apply the basic principle of non-discrimination, the administration
continues, emphasizing that both countries are committed to further developing
cooperation in tax matters beyond the agreement.
The bilateral TIEA between the two countries applies to requests submitted
after entry into force of the agreement, with respect to tax years starting on or after
July 1, 2011. The agreement
is subject to approval by the Liechtenstein parliament.
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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