Germany’s Cabinet has recently approved a bill pertaining to the bilateral tax information exchange agreement with Liechtenstein. According to a statement from the German Finance Ministry, the agreement will now be incorporated into national law.
On March 12, 2009, Liechtenstein recognized the Organization for Economic Cooperation and Development’s (OECD) standard on transparency and effective information exchange in tax matters. On September 2, 2009, in Vaduz, Germany’s ambassador Axel Berg and Liechtenstein’s Prime Minister Klaus Tschütscher signed a tax information exchange agreement (TIEA).
The TIEA contains the OECD standard, and provides that information will be exchanged upon request. This will enable tax information to be exchanged not only in cases of tax evasion, but also as part of standard assessment procedures, without the need for the state concerned to present suspicion of a tax crime.
.Tags: tax | law | offshore | banking | banking secrecy | offshore confidentiality | tax havens | tax information exchange agreement (TIEA) | Germany | Liechtenstein
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