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| Liechtenstein Removed From OECD's Grey List |
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, November 12, 2009
It has emerged that the Organization for Economic Cooperation and Development
(OECD) has recognized Liechtenstein's implementation of the agreed international
tax cooperation standard, and has removed the jurisdiction from its “grey
list”.
"The removal from the so-called 'grey list' is a milestone
in the reorientation of the Liechtenstein location," announced Liechtenstein’s
Prime Minister Klaus Tschütscher. He added: "I took office to
restore the reputation of our country with the steadfastness demanded by the
situation. This is the only way we can do justice in the long term to the full
potential of our businesses and service providers."
Angel Gurría, Secretary-General of the OECD, welcomed the news: "Liechtenstein
has demonstrated that it honors its commitments and is actively contributing
to the international dialogue on tax cooperation."
With its implementation of the OECD standard, Liechtenstein has completed the
first phase of its reorientation. "With the new framework conditions, we
have established a basis that opens up new long-term development and growth
opportunities for our location. These opportunities must now be actively pursued,"
Tschütscher emphasized.
Liechtenstein’s Prime Minister also announced a growth agenda for the
coming weeks for the financial and business center. According to
Tschütscher, the key points of this agenda include: the implementation of
a tax reform; an agreement policy focusing on double taxation agreements; a
review of state expenditures; the modernization of Liechtenstein company law;
the targeted development of competences within the national administration;
and the creation of a legal framework for developing financial market segments
with growth potential.
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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