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Liechtenstein Signs OECD Multilateral Tax Convention

by Ulrika Lomas,, Brussels

27 November 2013

During the plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Jakarta, Liechtenstein signed the OECD/Council of Europe Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Director of Liechtenstein's Office of International Financial Affairs Katje Gey signed the treaty on behalf of the Liechtenstein Government.

Establishing a framework for tax cooperation between treaty member states, the OECD accord provides for information exchange upon request, as well as for an automatic exchange of information. Over 60 jurisdictions have so far signed the agreement, which is currently in application in around 30 states. According to the Liechtenstein Government, the Convention will enter into force in the Principality once the domestic approval process has been completed. The necessary modifications will be made to national law, and ratification will follow the standard parliamentary procedure.

The Liechtenstein Government pledged to actively cooperate on the development and application of a global automatic information exchange standard in its November 14 Declaration. This offer was reiterated at the Global Forum meeting. The OECD and the Global Forum both said that they supported and welcomed Liechtenstein's decision to actively contribute to effective and harmonized tax cooperation.

Commenting, Liechtenstein's Head of Government Adrian Hasler emphasized that the signing of the Convention reaffirmed the Principality's commitment to adopting the international standard, thereby strengthening the reputation and integrity of the Liechtenstein financial center. The treaty respects national legislation and protects the rights of taxpayers, as it guarantees that the data exchanged is kept confidential, Hasler explained.

Liechtenstein's Katja Gey highlighted the fact that the unified approach will serve to guarantee a level playing field for the various financial centers, and will ensure the overall effectiveness of the new measures.

TAGS: compliance | tax | tax compliance | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | Liechtenstein | agreements | legislation | Europe | Tax | Tax Evasion

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