Liechtenstein, Australia Sign TIEA

by Ulrika Lomas, Tax-News.com, Brussels

23 June 2011

Liechtenstein’s Prime Minister and Finance Minister Klaus Tschütscher and the Australian ambassador to Liechtenstein Peter Tesch have recently signed in Vaduz a bilateral tax information exchange agreement (TIEA) in accordance with the Organization for Economic Cooperation and Development’s (OECD) standard. A joint declaration has also been signed.

Commenting on the signing of the agreement, Liechtenstein’s Prime Minister Tschütscher emphasized that the agreement is a further sign of the Principality’s commitment to implementing current international standards in matters of fiscal transparency and tax information exchange. With the signing of the agreement, Liechtenstein has once again highlighted the consistency and the credibility of the government’s financial centre and fiscal strategies, he added.

Since the end of 2008, Liechtenstein has signed tax agreements with a total of 24 countries (including the TIEA with Australia). The declared aim of the government, it adds, is to continue to implement existing international standards, and, in particular, to extend its network of double taxation agreements both in Europe and globally.

The TIEA with Australia is said to be a standard agreement, providing for an exchange of fiscal information upon request. In the joint declaration, Liechtenstein and Australia pledge to apply the basic principle of non-discrimination, the administration continues, emphasizing that both countries are committed to further developing cooperation in tax matters beyond the agreement.

The bilateral TIEA between the two countries applies to requests submitted after entry into force of the agreement, with respect to tax years starting on or after July 1, 2011. The agreement is subject to approval by the Liechtenstein parliament.

Recommended