Close Menu
    Latest Category
    • Finance
    • Tech
    • EU Law
    • Energy
    • fx
    • About
    • Contact
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Login
    • EU News
    • Focus
    • Guides
    • Press
    • Jobs
    • Events
    • Directory
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Home»Post

    EU – Liechtenstein deal on automatic exchange of tax data

    eub2By eub229 October 2015 Post No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email
    — last modified 29 October 2015

    The European Union and Liechtenstein signed on 28 October an agreement on the automatic exchange of financial account information aimed at improving international tax compliance.


    Advertisement


    The agreement represents an important step in ongoing efforts to clamp down on tax fraud and tax evasion. It upgrades a 2004 agreement that ensured that Liechtenstein applied measures equivalent to those in an EU directive on the taxation of savings income in the form of interest payments. 

    Under the agreement, the EU and Liechtenstein will automatically exchange information on the financial accounts of each other’s residents, starting in 2017 for information collected in 2016. The aim is to address situations where a taxpayer seeks to hide capital representing income or assets for which tax has not been paid. 

    The text was signed: 

    • on behalf of the European Union, by Pierre Gramegna, minister for finance of Luxembourg and president of the Council;
    • on behalf of Liechtenstein, by Kurt Jaeger, head of the Liechtenstein mission to the EU.

    The signature took place in the presence of Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, who also signed the document. 

    “I am glad that this agreement could be reached between the European Union and Liechtenstein, as it constitutes an important step towards a level playing field and greater tax transparency in Europe and beyond,” said Pierre Gramegna. 

    The agreement ensures that Liechtenstein applies strengthened measures that are equivalent to the EU legal framework in the field of automatic exchange of financial account information, as upgraded in December 2014. It also complies with the automatic exchange of financial account information promoted by a 2014 OECD global standard. The EU and Switzerland signed a similar agreement on 27 May 2015. 

    The agreement includes provisions intended to limit the opportunities for taxpayers to avoid being reported to the tax authorities by shifting assets or investing in products that are outside the scope of the agreement. Information to be exchanged concerns not only income such as interest and dividends, but also account balances and proceeds from the sale of financial assets. 

    Tax administrations in the member states and in Liechtenstein will be able to: 

    • identify correctly and unequivocally the taxpayers concerned;
    • administer and enforce their tax laws in cross-border situations;
    • assess the likelihood of tax evasion being perpetrated;
    • avoid unnecessary further investigations.

    The EU and Liechtenstein must now conclude the agreement in time to enable entry into force on 1 January 2016. 

    In a statement adopted along with the decision on the signing of the agreement, member states committed “to analyse the situation of Liechtenstein in the light of the measures provided for in this agreement and to take into account this agreement in their bilateral relations with Liechtenstein.”

    EU – Liechtenstein agreement on the automatic exchange of financial account information

    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    eub2
    • Website

    eub2 is the default publisher for EUbusiness.

    Related Content

    EU Agenda: Week Ahead – 11-16 November 2024

    How cities are adapting to host major gatherings

    The truth about walk-in baths and why it’s a game-changer for the modern bathroom

    Why 918kiss APK Is the Ultimate Casino Experience for Mobile Users

    The future of family offices: trends and predictions for the next decade in Europe

    European economic recovery is good news for Bitcoin’s price

    LATEST EU NEWS

    EU approves EUR 300m for common defence procurement projects

    14 November 2024

    EU proposes e-declaration for the posting of workers

    14 November 2024

    EU calls on Apple to end geo-blocking on media services

    14 November 2024

    EUR/USD touches one year low as Trump takes control of Congress – Euro currency news daily

    14 November 2024

    EU artificial intelligence factories set for 2025

    13 November 2024
    BRIEFING

    Agenda

    This week, COP29 begins in Azerbaijan; finance ministers discuss the EU's annual budget for 2025; and MEPs hold a plenary session on EU-US relations, EU summits, deforestation and COP 29...

    EUbusiness Week

    This week competitiveness and environment ministers will hold informal meetings…

    Eurozone Economic Calendar

    Key economic calendar events for the week 11 to 16 November 2024

    The Week's Top Stories

    This week competitiveness and environment ministers will hold informal meetings…

    Advertisement

    Subscribe to EUbusiness Week

    Get the latest EU news

    Latest Posts

    EU approves EUR 300m for common defence procurement projects

    14 November 2024

    EU proposes e-declaration for the posting of workers

    14 November 2024

    EU calls on Apple to end geo-blocking on media services

    14 November 2024

    EUR/USD touches one year low as Trump takes control of Congress – Euro currency news daily

    14 November 2024

    CONTACT INFO

    • EUbusiness Ltd 117 High Street, Chesham Buckinghamshire, HP5 1DE United Kingdom
    • +44(0)20 8058 8232
    • service@eubusiness.com

    INFORMATION

    • About Us
    • Advertising
    • Contact Info

    Services

    • Privacy Policy
    • Tems
    • EU News

    SOCIAL MEDIA

    Facebook
    eubusiness.com © EUbusiness Ltd 2025
    Design and developed by : Dotsquares

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Lost password?

    Register Now!

    Already registered? Login.

    A password will be e-mailed to you.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok