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Liechtenstein Adopts Consultation On Austrian Tax Deal

by Ulrika Lomas, Tax-News.com, Brussels

20 June 2013


During its latest sitting, the Liechtenstein Government adopted a consultation report on the law implementing the bilateral withholding tax agreement with Austria.

Concluded on January 29, 2013, the withholding tax agreement with Austria provides for comprehensive cooperation in tax matters between the two countries. The accord provides for the taxation of the hitherto undeclared and untaxed assets of Austrian residents held in Liechtenstein banks, thereby regularizing accounts and resolving the past. Furthermore, the treaty provides for the taxation of new investment income, to guarantee cross-border tax conformity in the future.

According to the Liechtenstein Government, the accord does contain regulations that are sufficiently detailed and judiciable to be directly applied. There are, however, additional provisions contained in the text that must be adopted within the framework of an implementing law, the Government stresses.

These additional provisions govern plans to regularize existing accounts to resolve the past, as well as plans to ensure the future taxation of capital income. They also pertain to opaque wealth structures, to controls, to responsibilities, to procedures, and to infringements.

The consultation period ends on July 19, 2013. The consultation report can be accessed on the Government's website.

TAGS: compliance | tax | investment | tax compliance | tax avoidance | law | Liechtenstein | agreements | withholding tax | Austria | regulation

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