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Liechtenstein Clarifies Proposed Changes To Tax Act

by Ulrika Lomas, Tax-News.com, Brussels

28 March 2013


The Liechtenstein Government has submitted a response to parliament explaining planned changes to the Tax Act.

During its sitting on December 21, 2012, the Liechtenstein parliament welcomed the Government’s bill providing for modifications to the Tax Act. Lawmakers nevertheless queried several articles contained in the text.

Defending the bill, the Government highlighted the fact that the proposed measures are designed to redress the state budget by increasing fiscal revenues. The Government noted that the most important initiatives include plans to adjust individual income tax tariffs in such a way as to ensure that the tax burden is the same as under the country’s old law. The Government also plans to introduce a new 8% tax rate for individuals "with a very good income."

Within the framework of the bill, the Government plans to limit the deduction of mortgage-secured debt from the taxable value of a property. This is to prevent more debt being deducted than the property is actually worth. For legal entities, the Government plans to limit the loss carry-forward provision to 70% of net profit and to ensure that no loss carry-forwards are generated by own-capital interest.

TAGS: individuals | tax | interest | law | budget | tariffs | Liechtenstein | tax rates | tax breaks | individual income tax

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