Liechtenstein fully complies with international requirements on the Automatic Exchange of Tax Information
The Global Forum of the OECD confirmed at the plenary meeting on 19 November 2021 that Liechtenstein's national implementation is fully in line with the OECD requirements. The report therefore contains the rating "In Place" for the Liechtenstein legal framework which corresponds to the highest rating. Moreover, no recommendations were made. This confirms that Liechtenstein complies with international standards to the highest degree with regard to transparency and the exchange of information for tax purposes.
The 14th plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes took place from 17 to 19 November. Liechtenstein is a member of the Global Forum's Steering Group and participated in the plenary meeting along with more than 130 other countries.
The Global Forum ensures that international standards regarding transparency and exchange of information for tax purposes are observed and implemented in a uniform manner at the international level. The Global Forum's work in 2021 continued to focus on the peer reviews of the standard for the automatic exchange of information on financial accounts (AEOI) and the continuation of the second round of reviews of the standard for transparency and exchange of information on request (EOIR). The second round of reviews for the exchange of information on request was already concluded in 2019 with a rating of "Largely Compliant" with regard to Liechtenstein.
This year's AEOI Peer Review Report was published as part of the 2021 Plenary Session. The AEOI Peer Review takes place in a multi-stage review process, with the report containing the updated assessments of the legal frameworks established for the implementation of the AEOI. The recommendations of the AEOI Peer Review Report 2020 have already been implemented in Liechtenstein through a legislative amendment. In this report, the Global Forum now confirms that Liechtenstein's national implementation is fully in line with international requirements. The report therefore contains an "In Place" rating for the Liechtenstein legal framework and no recommendations were made. This confirms that Liechtenstein is a reliable partner for AEOI.
As a further audit step, the Global Forum is currently examining the effectiveness of the AEOI implementation in practice (effectiveness). The results of this audit should be available by the end of 2022.
#OECD, #AEOI, #Tax, #taxconformity, #FinancialCentreStrategy, #Liechtenstein, #Roadmap2025