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EU Presidency Welcomes Statements On Tax Cooperation,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, March 19, 2009
The Czech Presidency of the European Union has welcomed recent pledges from
several countries and offshore financial centres to toe the OECD line regarding
fiscal policies and exchange of tax information.
"We believe that this step is of extraordinary importance for the cooperation
between the tax authorities," the Presidency said in a statement issued
on March 18. "At the same time it is an improvement of the administrative
cooperation between the tax authorities in the EU internal market and in the
foreseeable future [that] will allow us to reach the highest possible standard
of cooperation and transparency in our relations with third countries."
The statement added that fighting tax evasion is one of the priorities of the
Czech Presidency, which began in January 2009 and runs through to the end of
June this year. "Therefore, we put emphasis on all initiatives which could
help reach this objective. We believe that these countries will continue on
the path they have started and we are prepared to support them further."
Liechtenstein, Switzerland, Andorra, Singapore and Hong Kong have all given
commitments in recent days to make changes to their own laws that will effectively
loosen banking secrecy provisions and allow certain information to be exchanged
with other jurisdictions in cases where fiscal crime is alleged to have take
place.
Singapore's Ministry of Finance announced on March 6 that it would introduce
draft legislative amendments in the middle of 2009 that would enable the government
to extend further cooperation on information exchange through its double tax
agreements (DTAs) and allow it to negotiate and conclude further DTAs.
Hong Kong's Financial Secretary John Tsang announced in his budget speech in
February that the territory would seek to both extend its double tax treaty
network and put in place measures that would allow more information to be exchanged
with treaty partners.
Meanwhile, Liechtenstein has committed itself to OECD standards on transparency
and information exchange in tax matters and is currently engaged in talks with
an unspecified number of other countries with a view to concluding new tax data
exchange agreements.
The so-called 'Liechtenstein Declaration' was presented at an international
press conference in Vaduz by Prince Alois of Liechtenstein, Prime Minister Otmar
Hasler, and Prime Minister-in waiting Klaus Tschütscher.
"In future, we should offer all countries extensive cooperation that are
interested in fair and constructive cooperation with Liechtenstein and are willing
to find sensible solutions with us with respect to evolved client relationships,"
Prince Alois said.
As a small jurisdiction which has (unwittingly perhaps) made some large enemies
in the form of Germany, the United States and other countries, Liechtenstein
has less bargaining leverage than the Asian financial entrepots of Hong Kong
and Singapore and has seemingly decided that these are the best steps to take
to protect its financial centre.
"We are currently experiencing a fundamental and rapid change at the global
level in the direction of stronger cross-border cooperation and international
regulation," said Prince Alois. "With today's declaration, the Liechtenstein
government is sending a signal that it is participating actively in the regulatory
dialogue of financial centres without giving up Liechtenstein's identity or
the advantages of a reliable and well-regulated small State. I am convinced
that this will help us strengthen the trust of our clients in our financial
centre."
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