This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
 

Global Forum Affirms Liechtenstein's Fiscal Commitments

Monday, September 19, 2011

In a recently published report, summarising the legal and regulatory framework for transparency and exchange of information for tax purposes in Liechtenstein, the OECD's Global Forum underlines the principality’s commitment in the area of taxation, explicitly praising progress in implementing international standards on mutual assistance.

Having finally completed phase one of the review process, in which it assessed the quality of Liechtenstein’s legal and regulatory framework for the exchange of information, the Global Forum states in its report that the country fulfils most of the important legal requirements and criteria, either completely or in part.

Positively assessing Liechtenstein’s mutual assistance law, and in particular the availability of banking information for all account holders, the Global Forum also praises the principality’s procedures for providing mutual assistance, noting that the provisions serve to guarantee not only the confidentiality, but also the rights and security of individuals.

Underlining the significant progress made by Liechtenstein up until now in negotiating a network of tax agreements with numerous key partners, following its declaration of March 2009, the Global Forum notes that the concluded agreements conform in the key areas to the agreed international standards.

Concluding its review, however, the Global Forum laments the country’s accounting rules, pointing out that the provisions do not fully satisfy international requirements for all legal forms, notably for trusts, trust companies and institutions.

Commenting on the Global Forum’s positive report, Liechtenstein’s Prime Minister Klaus Tschütscher emphasized that the review now gives the principality further momentum for its initiated reforms, and motivation to continue consistently in its efforts to become a stable and transparent financial and economic location.

According to the Liechtenstein administration, the government is determined to give high priority to the further implementation of the OECD standards, to which it committed itself in its declaration of March 12, 2009, and to extend its network of double taxation agreements.

Concluding his statement, Prime Minister Tschütscher underlined that the government now aims to examine the Global Forum’s recommendations and to take any necessary implementation measures required.

Phase two of the peer review process, in which the effectiveness of the exchange of information is monitored, is due to take place at the end of 2012.

Mailing List

Click here to manage your mailing list preferences, or view our privacy statement.


The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




Latest News

Australian DPT Legislation Passes Senate
27/3/2017
The Australian Senate has passed legislation to introduce a diverted profits tax from July 1, 2017.

Guernsey Funds Sector Grew In 2016
27/3/2017
The total value of funds business in Guernsey grew by more than GBP28bn (USD32.5bn) last year.

New Zealand Explains Foreign Trust Disclosure Changes
27/3/2017
New Zealand has published guidance on the increased disclosure requirements for foreign trusts with New Zealand-resident trustees.

Canadian Budget Focuses On 'Tax Fairness'
23/3/2017
The tax measures contained Canadian Finance Minister Bill Morneau's second Budget are focused on closing loopholes, cracking down on tax evasion, and improving tax reliefs for the "middle class."

Jersey Regulator Issues AML/CTF Funds Guidance
16/3/2017
Jersey's financial services regulator, the Jersey Financial Services Commission, has issued new anti-money laundering and countering the financing of terrorism guidance for Funds and Fund Operators.

More Tax Hikes For UK Taxpayers In 2017 Budget
9/3/2017
The UK Budget, released on March 9, 2017, featured tax measures to, among other things, hike taxes on self-employed workers, further close avenues for legal avoidance, and defer mandatory digital tax reporting until April 2019.

ACOSS Submits Recommendations For Australian Budget
2/3/2017
The Australian Council of Social Services has urged that the Government abolish ineffective tax concessions, introduce a sugary drinks tax, and scrap its company tax proposals.

MEPs Call For Wider Access To Beneficial Ownership Data
1/3/2017
EU citizens would be able to view information in registers of beneficial ownership without having to demonstrate a "legitimate interest," under proposed amendments the Anti-Money Laundering Directive.

New Zealand Tax Changes Enter Into Force
28/2/2017
A Bill including provisions to simplify New Zealand's tax processes, reduce compliance costs for smaller businesses, and tighten foreign trust disclosure rules received Royal Assent on February 21.

Guernsey Introduces Client Asset Handling Rules
22/2/2017
Guernsey's financial services regulator, the Guernsey Financial Services Commission, said it intends to introduce rules governing the holding and administration of client assets in 2017.

Australian Accountants Urge Tax Burden Shift
14/2/2017
Australia desperately needs large scale tax reform and should aim to rebalance its tax mix, the Institute of Public Accountants has argued.

IRS Issues Final Regulations On REIT Spin-Offs
24/1/2017
On January 18, the US Internal Revenue Service issued its final regulations regarding the measures included in the Protecting Americans from Tax Hikes Act to restrict the tax-free spin-offs involving publicly traded real estate investment trusts (REITs).

Bermuda, EU To Collaborate On Insurance, Pensions Oversight
17/1/2017
The European Insurance and Occupational Pensions Authority and the Bermuda Monetary Authority have newly signed a memorandum of understanding.

Hong Kong Consults On Beneficial Ownership Plans
13/1/2017
Hong Kong's Financial Services and the Treasury Bureau has launched public consultations on legislative proposals to increase the transparency of corporate beneficial ownership in the city, and to enhance its regulatory regime for combating money laundering and terrorist financing.

Hong Kong Reports On Incorporations In 2016
12/1/2017
There was an increase in local company incorporations in Hong Kong in 2016, although incorporations by foreign companies experienced a dip, according to the territory's Companies Registry.