Category Taxation in Liechtenstein

UK Taxpayers Volunteering Offshore Info

January 12, 2011 International Tax CooperationOffshore BankingTaxation in LiechtensteinTaxation in UK

Day 62The HM Revenue & Customs is expecting a GBP 2 billion boost in its revenue levels over the next four years, after much greater than expected numbers of taxpayers voulentarily disclosed hidden assets in Lichtenstein.

Speaking in a media interview Dave Hartnett, the Permanent Secretary for Tax at the UK HM Revenue & Customs (HMRC), revealed that the Government’s Lichtenstein Disclosure Facility (LDF) is now expected to achieve three times the revenues levels than originally projected. The LDF allows taxpayers with undeclared assets hidden in Lichtenstein to disclose their financial affairs in return for reduced penalty rates on any unpaid taxes.

According to Dave Hartnett, over 1 200 taxpayers have already come forward and declared their hidden assets through the LDF, since the program s...

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Germany Intends to Buy Stolen Bank Data

February 2, 2010 International Tax CooperationOffshore BankingOffshore TaxationTaxation in GermanyTaxation in LiechtensteinTaxation in Switzerland

IMG_5252 - Angela German Government officials have announced their intention to purchase information regarding 1 500 German nationals who allegedly hold undisclosed wealth in Swiss offshore accounts, which could net the Government an approximated €100 million in tax revenues and penalties.

The German Government has disclosed that it has been offered information by an anonymous informant regarding numerous German nationals allegedly holding undisclosed wealth in Swiss bank accounts. In a statement made on February 1st German Chancellor Angela Merkel stated that the Government should do everything within its power to obtain this data, on the condition that it is proven relevant to its fight on tax evasion...

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EFTA State Aid Report Released

December 21, 2009 International Tax CooperationTaxation in EUTaxation in IcelandTaxation in LiechtensteinTaxation in Switzerland

EFTA Minesterial MeetingOn December 18th, 2009, the European Free Trade Association (EFTA) released the fourth report covering state aid granted in Iceland, Lichtenstein and Norway, for the period between 2004 to the end of the 2008 year. The paper was prepared in co-operation with European Commission and includes comparisons with countries of the EU.

A total of €2,234.88 million was granted in state aid across the three surveyed countries in 2008, indicating an overall increase in grants across the countries. 98.9 percent of this amount was accounted for by aid granted by the Norwegian government.

The report shows that the primary contributions to the 2008 state aid increase were Norway’s tax relief schemes to the maritime sector and compensation to Norwegian farmers for pollution reductions...

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Liechtenstein Moves to OECD White List

November 12, 2009 International Tax CooperationTaxation in Liechtenstein  No comments

Liechtenstein has completed the necessary tax information agreements to be moved to the Organization for Economic Co-operation Development’s (OECD) “White List” of countries.

It was reveled on November 11th by Klaus Tschütscher, Liechtenstein Prime Minister, that the nation will be considered as adequately complying with the G20’s and OECD’s efforts to combat international tax evasion. By signing Tax Information Exchange Agreements (TIEA) with Belgium and Netherlands, Liechtenstein has brought their total agreement number to the required minimum of twelve to be judged as having substantially implemented the internationally agreed standard in exchange of fiscal information...

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Tax Information Exchange Agreement Update

September 10, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in AustraliaTaxation in British Virgin IslandsTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in FranceTaxation in GermanyTaxation in IrelandTaxation in LiechtensteinTaxation in MonacoTaxation in New ZealandTaxation in Turks & Caicos IslandsTaxation in UKTaxation in USA  No comments

Since the April G20 summit, over 50 new TIEA agreements have been signed across the globe.

The London G20 Summit, held on the 2nd of April this year, heralded an unprecedented wave of Tax Information Exchange Agreement (TIEA). In what was described as “revolutionary” by Angel Gurría, OECD Secretary-General, the number of completed TIEAs has almost doubled since their inception in late 2000.
Since the G20 summit, and subsequent global push for greater tax transparency and compliance, the following 53 agreements have been signed.

United States – Monaco (8 September 2009)
Denmark – Turks & Caicos Islands (7 September 2009)
Netherlands – Antigua & Barbuda (2 September 2009)
Denmark – Gibraltar (2 September 2009)
Denmark – Anguilla (2 September 2009)
Germany – Liechtenstein (2 September ...

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