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The Liechtenstein Government has adopted a draft law implementing the withholding tax agreement with Austria.
On January 29, 2013, Liechtenstein and Austria concluded a withholding tax accord, together with a protocol revising the existing bilateral double taxation agreement (DTA) between the two countries.
The withholding tax treaty provides comprehensive provisions on tax cooperation, ensuring the swift and comprehensive regularization of the untaxed assets of Austrians held in Liechtenstein, and guaranteeing cross-border tax compliance for the future. Furthermore, the provisions protect financial intermediaries in Liechtenstein, and provide legal certainty for investors, vis-à-vis tax treatment.
The latest bill waved through by the Government contains provisions governing implementation of the withholding tax accord, notably the regularization of the past, the future taxation of capital income, non-tax transparent wealth structures, and the monitoring of compliance with the requirements arising from the agreement.
According to Liechtenstein's Prime Minister Adrian Hasler, the draft law was drawn up following consultation with the business associations concerned, and takes into consideration the outcome of the consultation, in so far as the agreement with Austria permits. Critical points have been clarified and further discussed with stakeholders, Hasler said.
The "agreement package" is due to be examined by the Liechtenstein parliament in September and is expected to enter into force on January 1, 2014.
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