Liechtenstein Economy Comes Out On Top

by Ulrika Lomas, Tax-News.com, Brussels

01 May 2002

Gerold Mott, Liechtenstein's Head of Finance announced last week that the government's books for 2001 have closed with a surplus of around 56.8 million francs, according to the Liechtensteiner Vaterland.

Speaking at an international press conference on April 25, the Head of the Finance Department revealed that government income for last year came in at 789.2 million francs, and expenditure at 650.4 million francs. Taking into account a depreciation of 93.6 million francs, this left a profit significantly more substantial than the budget estimate of 6.2 million.

Mr Mott explained to reporters that the surprise result could be attributed in the main to increased yields from taxes and duties. However, it isn't all good news for Liechtenstein.

Following the release of the new OECD blacklist, in which it was revealed that Liechtenstein was one of the seven remaining countries considered as 'uncooperative tax havens', the jurisdiction's Head of Government has said that he 'regrets the listing of Liechtenstein in the OECD list'.

At last week's press conference, Mr Hasler attempted once more to outline the government's concerns with regard to banking secrecy, and stated that the principality had clearly expressed the desire to cooperate with the multilateral body prior to the release of the amended list, but that this had seemingly been ignored by the OECD.

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