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Liechtenstein Submits Law On Mutual Cooperation In Tax Matters With US,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, June 11, 2009
The Liechtenstein government has recently adopted a report and proposal pertaining
both to its Tax and Information Exchange Agreement (TIEA) with the US, signed
on December 8, 2008, and to a law on mutual cooperation in tax matters with
the US. An amendment to Article 102 of its constitution has also been approved.
The key issue surrounding Liechtenstein’s TIEA with the US, which is
based on the Organisation for Economic Cooperation and Development’s (OECD)
standard, is the element of mutual support provided by an exchange of information,
imperative for the application and enforcement of the respective domestic tax
laws.
According to Liechtenstein’s government, providing for an exchange of
information enables mutual cooperation to take place between tax authorities,
allowing them to work together. Nevertheless, the government has also confirmed
that this exchange of information will not be granted automatically, only upon
specific request.
Liechtenstein’s TIEA with the US reflects its recent commitment to adhering
to and implementing the OECD’s standards regarding transparency and information
exchange in tax matters, expressed in its declaration on March 12.
However, in order to execute the TIEA, Liechtenstein must first adopt a new
national law. As a result, the government presented to parliament a law on mutual
cooperation in tax matters with the US. This law sets out the precise conditions
and procedures required for granting mutual assistance, as stipulated in the
TIEA. Designed to ensure that assistance is provided swiftly and efficiently,
the law also provides for the necessary legal protection.
Both the TIEA and the law on mutual cooperation in tax matters are due to enter
into force on January 1, 2010.
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