On May 22, the governments of Luxembourg and Liechtenstein announced their intention to enter into negotiations to conclude an OECD model convention on the avoidance of double taxation.
The announcement was made during an official visit by Liechtenstein Prime Minister Klaus Tschutscher. Referring to the 'Liechtenstein Declaration' of March 12, when the Principality pledged to conform to OECD standards on transparency and seek out new tax agreements, he said: “With this step towards an OECD-compliant double taxation agreement, we are showing that we move fast in implementing the commitments we have entered into."
"Following the conclusion of an OECD-compliant double taxation agreement with Luxembourg, a founding member of the EU, I am confident that the conclusion of similar treaties with other European states will soon follow.”
Liechtenstein has recently concluded a tax information exchange agreement with the United States and is currently negotiating another with the United Kingdom. The Principality is likely to have to sign twelve tax information exchange agreements before being recognised as a fully compliant territory.
According to Luxembourg's Treasury Minister Luc Frieden, the agreement will be concluded later this year.
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