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Liechtenstein Extends Global Tax Treaty Network

by Ulrika Lomas, Tax-News.com, Brussels

28 November 2012


The Liechtenstein tax administration has recently negotiated and initialed in Vaduz a double taxation agreement (DTA) in the area of taxes on income and on wealth with the Kingdom of Bahrain, the latest in a succession of tax agreements signed by the Principality.

According to the Liechtenstein government, the DTA is largely based on the Organization for Economic Cooperation and Development’s (OECD) Model Convention, and will contribute to the further positive development of economic relations between the two countries.

The government highlights the fact that the accord marks a further step forward in the consistent expansion of the Principality’s global DTA network, and will serve to increase the attractiveness of mutual investment and will open up new development opportunities.

Welcoming the “positive outcome of the negotiations,” Liechtenstein’s Prime Minister Klaus Tschütscher pointed out that there has not previously been a bilateral DTA in place between the two countries. Liechtenstein’s first DTA with one of the six Arab states in the Gulf will open up new markets and create favorable framework conditions for future investment, Tschütscher emphasized, noting that the treaty represents a further step in the implementation of the Liechtenstein government’s agreement strategy.

The signing of the DTA is expected to take place in 2013, and the accord is due to apply from January 1, 2014. The text of the agreement is to be published following the signing.

Following the successful conclusion of negotiations, delegation leaders of the Liechtenstein and South African tax administrations also recently initialed a tax information exchange agreement (TIEA), providing for tax assistance upon request between South Africa and Liechtenstein. The TIEA is based on the OECD’s international standard on mutual assistance.

Concluding, the Liechtenstein government underscores that South Africa is a key partner in Africa for the Liechtenstein financial centre and for the Principality’s industry.

TAGS: individuals | South Africa | compliance | tax | investment | offshore confidentiality | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | tax avoidance | international financial centres (IFC) | Organisation for Economic Co-operation and Development (OECD) | Bahrain | Liechtenstein | offshore | agreements | Africa

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