Liechtenstein Pledges Swift Implementation Of Proposed Tax Reform

by Ulrika Lomas, Tax-News.com, Brussels

16 February 2010

At this year’s opening of Parliament, Hereditary Prince Alois von und zu Liechtenstein outlined future challenges facing the principality, notably the transformation of the country’s financial center through negotiation and implementation of international tax agreements, and through overhauling the existing tax system.

According to Prince Alois, with its declaration of principle on March 12, 2009 and the conclusion of numerous international tax agreements, the country has initiated the transformation of its financial center. Indeed, this necessary path will be continued through consistent implementation of the agreements in place, and through the conclusion of additional treaties, he added.

In parallel with the opening up of the financial center, Liechtenstein must strive to further enhance the existing attractiveness of its business location, Prince Alois emphasized. He underlined the fact that a crucial component in this respect is the already initiated tax reform, against the backdrop of the necessary international compatibility of Liechtenstein tax law. Parliament is soon to begin work on the reform of taxation, he noted.

Finally, Prince Alois underlined the fact that savings in the national budget must ensure that Liechtenstein remains competitive internationally, stating that a healthy national budget, based on a modern tax system, is vital for investment and prosperity in the country.

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