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Liechtenstein's TIEA Target On Schedule

Thursday, September 24, 2009

It emerged this week that the Liechtenstein government has boosted the number of tax information exchange agreements (TIEAs) that it has in place, with the signature on Monday of an OECD-compliant agreement with Monaco, the initialing of a TIEA with St Vincent and the Grenadines, and an agreement to proceed with information exchange with the Irish authorities.

The treaty signed with Monaco provides for information exchange upon request applicable from the 2010 tax year, and beyond conclusion of the agreement, Liechtenstein and Monaco have agreed to take up negotiations on the conclusion of a double taxation agreement.

On March 12, 2009, Liechtenstein recognized the OECD standard on tax cooperation as binding. The government's goal is to conclude and sign at least 12 TIEAs by this autumn and to advance negotiations on additional double taxation agreements.

The Irish treaty text also follows the OECD Model Agreement on Exchange of Information in Tax Matters and, as with the TIEA with Monaco, will apply from the tax year 2010.

Beyond the conclusion of this agreement, Liechtenstein and Ireland have also agreed to continue talks on closer cooperation.

"Liechtenstein is thus continuing its path of international cooperation in tax matters and also intensifying its ties with Ireland,” Liechtenstein's Prime Minister Klaus Tschütscher commented.

It additionally emerged on September 18 that negotiating delegations of Liechtenstein and St Vincent and the Grenadines initialed a TIEA, also applicable from 2010.