According to the jurisdiction's government, the additional resources will be used to expand the faculty for Business Taxation, International Tax Law, and Liechtenstein Tax Law, chaired by Professor Dr Martin Wenz. The expansion of the chair will allow the department to research national, international, and European tax law more intensively, as well as the tax planning of internationally operating companies.

The move forms part of the Principality's strategy to enhance its position as a reputable international business and financial centre, as outlined annually at the 'Liechtenstein Dialogue', an international conference which examines current and future challenges for international financial centers. The international network established by the Liechtenstein University of Applied Sciences, encompassing cooperation with universities and research institutions worldwide, is expected to meet this demand.

The expanded Chair for Tax Law is part of the Institute for Financial Services at the Liechtenstein University of Applied Sciences. Its activities cover basic and continuing education, knowledge transfer projects, and research and development projects.

The focus of basic and continuing education is on wealth management, based on the demands of the Liechtenstein business location and financial center. Special conferences and forums, as well as scientific events on Liechtenstein and international tax law, supplement the bachelors and masters programs and post-graduate programs.

The new course of studies on national and international tax law will be launched in autumn 2008. According to Wenz, it will be structured so that the participants "experience taxation and tax law in a positive way".

Three research projects are part of the new research program: The first, entitled "The European influence on tax treatment and taxation of internationally operating companies domiciled in Liechtenstein" will deal with internationally operating companies.

The second research project will cover private wealth management: "International taxation of Liechtenstein versus foreign asset structures and investments".

The third project is concerned with international financial centers, under the title "The tax law relationship between the European Union and Liechtenstein/Switzerland".

"As an internationally competitive business location and financial center, it is of the utmost importance for the Principality of Liechtenstein to offer an attractive and effective tax system", Prof. Martin Wenz stated.

In recognition of international and regional developments in taxation and location competition, the Liechtenstein government is in the process of revising Liechtenstein's tax law. In his Throne Speech of 2005, Hereditary Prince Alois of Liechtenstein called for a simple and transparent tax system, guaranteeing fair taxation of all taxpayers in accordance with their economic performance.

The current revision of tax law, which began with the creation of a working group in November 2006 to offer reform proposals, aims to preserve the attractiveness of the Liechtenstein location. The future tax law will, as envisaged by the government, ensure international competitiveness and at the same time be compatible with European law.

The Chair for Taxation and Tax Law plans to establish a Liechtenstein national group of the International Fiscal Association (IFA), which has 11,500 members in 92 countries.

The Liechtenstein Tax Expert Conference in 2008 will take place at the Liechtenstein University of Applied Sciences on 12 March 2008. Topics covered at the event will include: current developments in national, international, and European tax law and their importance for regional corporate, financial service, administrative, and advisory practice in Liechtenstein, Austria, and Switzerland.