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Liechtenstein Eyes Tax Amnesty In 2014

by Ulrika Lomas, Tax-News.com, Brussels

25 October 2013


During a recent sitting, the Liechtenstein Government adopted a report and application amending the Principality's tax law, providing notably for the introduction of a tax amnesty in 2014.

Defending its plans, the Government explained that in view of international developments that have taken place since 2011, and given the corresponding shift in mentality, a significant number of taxpayers in Liechtenstein would opt to regularize their hitherto undeclared and untaxed assets and income, if an amnesty were in place.

Consequently, the Government aims to introduce a tax amnesty provision next year. The measure will serve not least to increase tax revenues for the state. Indeed, revenue derived from the 2011 temporary voluntary declaration scheme amounted to around CHF24m (USD26.9m), the Government noted.

The proposed regulation provides that tax arrears together with 4 percent interest will be due for the last five years, although no penalty or surtax will be imposed.

However, the Government intends to toughen conditions for the "normal" voluntary declaration provision under Article 142 of the tax law (SteG), once the amnesty expires. Voluntary declarations submitted after the amnesty deadline will therefore be subject to a 20 percent surtax.

TAGS: compliance | tax | tax compliance | tax avoidance | interest | law | Liechtenstein | regulation | individual income tax | Tax | Tax Evasion

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