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| Liechtenstein Pledges Swift Implementation Of Proposed Tax Reform |
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, February 16, 2010
At this year’s opening of Parliament, Hereditary Prince Alois von und zu
Liechtenstein outlined future challenges facing the principality, notably the
transformation of the country’s financial center through negotiation and
implementation of international tax agreements, and through overhauling the existing
tax system.
According to Prince Alois, with its declaration of principle on March
12, 2009 and the conclusion of numerous international tax agreements, the country
has initiated the transformation of its financial center. Indeed, this necessary
path will be continued through consistent implementation of the agreements in
place, and through the conclusion of additional treaties, he added.
In parallel with the opening up of the financial center, Liechtenstein must strive
to further enhance the existing attractiveness of its business location, Prince Alois emphasized. He underlined the fact that a crucial component in this respect
is the already initiated tax reform, against the backdrop of the necessary international
compatibility of Liechtenstein tax law. Parliament is soon to begin work on the
reform of taxation, he noted.
Finally, Prince Alois underlined the fact that savings in the national
budget must ensure that Liechtenstein remains competitive internationally, stating
that a healthy national budget, based on a modern tax system, is vital for investment
and prosperity in the country.
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