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Liechtenstein Expresses Support For Swiss Withholding Tax Proposal

by Philip Morton, Investors Offshore.com

17 December 2002


In a recent interview, Liechtenstein's ambassador to the European Union, Prince Nikolaus reiterated the jurisdiction's position with regard to the European Union's Savings Tax Directive.

Although the self-imposed deadline for resolving the issue will be missed by the EU, which has agreed to continue talks next year, both the European bloc and Switzerland appear to be holding firm to their respective positions, despite positive noises from both sides.

Speaking to the Reuters news agency, however, Prince Nikolaus came out firmly in support of Switzerland's withholding tax proposal, although he added that the principality would also accept legislation enabling voluntary information exchange for EU residents in return for exemption from said withholding tax.

Warning that a 'common fiscal policy' is unlikely to be agreed upon in the near future, Liechtenstein's ambassador nevertheless explained that the jurisdiction has not assumed its position out of any desire to profit at the expense of other European finance centres:

'In a sense of a cooperation with the European Union, we do not want to profit from fiscal measures within the EU. But that's all,' he told Reuters.

A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop

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