The Liechtenstein government has announced that it has reached an agreement on the text of tax information exchange agreements (TIEAs) with Andorra and Monaco, which the jurisdictions plan to sign at the forthcoming G20 summit, scheduled for September 24-25, 2009.
Once signed, the TIEAs will apply provisionally from fiscal year 2010, and take effect following the completion of the respective nations' ratification procedures.
According to the Liechtenstein government, it has also agreed with the two parties to conclude additional agreements on avoiding double taxation and fiscal evasion, to further enhance its network of international cooperation agreements in the field of taxation.
On March 12, 2009, Liechtenstein adopted the OECD standard on transparency and information exchange. Since then, Liechtenstein’s parliament has adopted a TIEA with the United States, and signed OECD-compliant double taxation agreements with the United Kingdom in August, and with Luxembourg, Germany and San Marino in September. To further its international cooperation, Liechtenstein earlier this year approved the implementation of a multilateral EU Anti-Fraud Agreement with all member states.
In order to achieve its aim of concluding 12 agreements that include the internationally-agreed standard by August so as to be placed on the OECD’s white list, the government’s statement further disclosed that it is currently negotiating several OECD-compliant bilateral double tax treaties with other countries.
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