The
Liechtenstein Government has adopted a draft law implementing the
withholding tax agreement with Austria.
On
January 29, 2013, Liechtenstein and Austria concluded a withholding
tax accord, together with a protocol revising the existing bilateral
double taxation agreement (DTA) between the two countries.
The
withholding tax treaty provides comprehensive provisions on tax
cooperation, ensuring the swift and comprehensive regularization of
the untaxed assets of Austrians held in Liechtenstein, and
guaranteeing cross-border tax compliance for the future. Furthermore,
the provisions protect financial intermediaries in Liechtenstein, and
provide legal certainty for investors, vis-à-vis tax treatment.
The
latest bill waved through by the Government contains provisions
governing implementation of the withholding tax accord, notably the
regularization of the past, the future taxation of capital income,
non-tax transparent wealth structures, and the monitoring of
compliance with the requirements arising from the agreement.
According
to Liechtenstein's Prime Minister Adrian Hasler, the draft law was
drawn up following consultation with the business associations
concerned, and takes into consideration the outcome of the
consultation, in so far as the agreement with Austria permits.
Critical points have been clarified and further discussed with
stakeholders, Hasler said.
The
"agreement package" is due to be examined by the
Liechtenstein parliament in September and is expected to enter into
force on January 1, 2014.
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