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| Liechtenstein Presents EU Withholding Tax Figures |
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, July 06, 2011
According to the Liechtenstein administration, the withholding tax levied on interest
income paid to European Union (EU) taxpayers in the Principality amounted to around
CHF9.6m (EUR7.8m) in 2010. This figure compares to approximately CHF14.4m (EUR11.7m) derived from the
withholding tax in 2009, the administration states.
In accordance with the European
Savings Tax Directive, which entered into force on July 1, 2005, and provides
for the taxation of interest earned, the Principality of Liechtenstein imposed
a withholding tax of 15% in the first three years on the interest income of
EU investors. Since July 1, 2008, following a 5% rise, the increased withholding
tax rate of 20% has applied.
As regards distribution of the withholding tax product, 75% of the sum is subsequently transferred to the beneficiary
member states, while the remaining 25% is retained by the Principality.
The EU Savings
Tax Directive also provides for an alternative to the levying of a withholding
tax, namely the possibility of submitting a voluntary declaration of the interest
payment to the investor’s EU state of residence. Therefore, the investor
can elect either to pay the withholding tax on the interest earned or to inform
the relevant tax authorities in their country of residence.
Citing figures of actual voluntary declarations submitted by investors resident
in EU countries, the administration states that up until and including May 31,
the number of individuals stood at 1,238, compared to 1,043 for the 2009 tax
year.
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