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Liechtenstein's Nordic TIEAs Enter Into Force

by Ulrika Lomas,, Brussels

30 March 2012

The Liechtenstein government has recently announced that the bilateral tax information exchange agreements (TIEAs) concluded with Norway, Finland, Iceland, Greenland and the Faroe Islands are due to enter into force shortly, following ratification of the treaties by the relevant contracting parties.

Signed in Paris on December 17, 2010, the agreements are in accordance with current international standards and orientated towards the Organization for Economic Cooperation and Development’s (OECD) model convention. The Liechtenstein tax administration is the domestic authority responsible for the implementation of the agreements.

The Liechtenstein government underscored that the agreements are to be viewed against the backdrop of the Principality’s financial centre strategy, as set out in the Liechtenstein Declaration of March 12, 2009. The Declaration reflects Liechtenstein’s commitment to adhering to the international OECD standards on transparency and on information exchange in tax matters, the government explains.

The government revealed that the agreements with Norway and with Iceland are due to enter into force on March 31, while the agreement with the Faroe Islands is to enter into force on April 3, the accord with Finland is to be effective from April 4, and finally the TIEA with Greenland is to enter into force on April 13.

Back in December 2010, Liechtenstein announced that it had approved tax agreements with seven Nordic partners, including Sweden and Denmark, all in accordance with the OECD model tax convention and providing for tax information exchange and transparency.

At the time, the Liechtenstein government emphasized the willingness of both sides of the agreements to expand and to deepen tax cooperation beyond the TIEA, noting that this also includes a willingness to enter into talks concerning the conclusion of a double tax agreement (DTA).

Commenting on the agreements in the December release, Prime Minister Tschütscher announced that: “These tax agreements confirm the path we have been pursuing. They give Liechtenstein the necessary basis for future information exchange".

TAGS: tax | tax information exchange agreement (TIEA) | double tax agreement (DTA) | Denmark | Iceland | banking | Organisation for Economic Co-operation and Development (OECD) | Faroe Islands | Liechtenstein | Norway | offshore | agreements | offshore banking | banking secrecy | Finland | Sweden | standards | Greenland

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