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Liechtenstein, UK Highlight LDF Success

by Ulrika Lomas, Tax-News.com, Brussels

17 June 2013


Liechtenstein's Prime Minister Adrian Hasler has recently held talks with a high-ranking delegation from the UK's HM Revenue and Customs (HMRC), with the discussions focussing on international tax transparency as well as on the successes of the Liechtenstein Disclosure Facility (LDF).

In 2009, Liechtenstein and the UK agreed to far-reaching cooperation in tax matters, within the framework of the Liechtenstein Disclosure Facility and the Liechtenstein compliance requirements. The LDF enables UK taxpayers to voluntarily declare their past tax liabilities relating to assets located in Liechtenstein.

During the course of the meeting, both partner states highlighted the fact that the disclosure program has proven a highly successful model, enabling international clients to regularize their tax situations, while at the same time ensuring a high level of legal and planning certainty.

According to the Liechtenstein Government, although the LDF currently serves as a basis for other disclosure programs, the LDF with the UK is "unique," and will allow taxpayers to declare their global untaxed assets until April 2016, when the facility closes.

Commenting, Prime Minister Hasler emphasized that the Principality and the UK are equal partners. Hasler underscored that both parties aim to further strengthen and deepen the "excellent relations" between the two countries in the future.

Lead by HMRC's Director General for Enforcement and Compliance, Jennie Granger, the UK delegation also held discussions on transparency in tax matters, both within and outside of the European Union, with representatives of Liechtenstein's office for international financial center agendas (SIFA) as well as with other officials

Finally, the Liechtenstein Government announced that experts from the International Monetary Fund and from the European Council's Moneyval Committee are currently in Liechtenstein to evaluate the measures used by the Principality to combat money laundering and the financing of terrorism. Alluding to the fact that the last round of evaluations took place in 2007, the Government explained that, since then, Liechtenstein has implemented a raft of recommendations.

Underscoring that Liechtenstein has a well-functioning system to combat money laundering, Hasler made clear that the country's provisions are aligned with the Financial Action Task Force standards. To combat money laundering and terrorist organizations, Liechtenstein aims to act both at national and at international level, Hasler ended.

TAGS: compliance | tax | tax compliance | tax avoidance | International Monetary Fund (IMF) | Liechtenstein | HM Revenue and Customs (HMRC) | standards | HM Revenue and Customs (HMRC) | individual income tax | Compliance

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