Determined to demonstrate its willingness to cooperate fully in tax matters, Liechtenstein has offered to negotiate an agreement with Germany, which will lead to uncovering of undeclared accounts held by German taxpayers in the principality.
According to Liechtenstein’s Prime Minister Klaus Tschütscher, the government is eager to support Germany in its bid to recover undeclared taxes.
Liechtenstein has already concluded such an agreement with the UK. Under the terms of the agreement, Britons have until 2015 to declare any accounts held in Liechtenstein to the UK tax authorities.
Although these individuals are still required to pay back any taxes owed, together with a fine, the conditions for doing so are much more favourable as a result of the agreement, Tschütscher emphasized. Alternatively, anyone seeking to withdraw their money from Liechtenstein instead is also able to do so, he continued.
Prime Minister Tschütscher is keen to conclude such an agreement with Germany, although he has also proposed the idea of levying a withholding tax as an alternative. The taxes would then be returned to Germany, he confirmed.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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