OECD Review Report - Global Forum confirms effective implementation of the automatic exchange of information (AEOI) in Liechtenstein
The Global Forum on Transparency and Exchange of Information for Tax Purposes, as an body of the OECD, has the task of promoting the worldwide implementation of the AEOI standard and reviewing compliance with it in the respective participating countries.
2020 - 2022, the Global Forum has subjected Liechtenstein to such a review process, in addition to all other AEOI countries. Liechtenstein achieved an excellent result in the AEOI peer review, both in the implementation of the legal framework and in the effective implementation of the AEOI in practice.
Result of the review of the AEOI standard in Liechtenstein
As an early adopter, Liechtenstein was one of the first countries to introduce the new OECD standard for transparency and exchange of information in tax matters («Automatic Exchange of Information», AEOI) in 2016. The member countries of the G20, the OECD and other important countries have committed themselves to exchanging information on financial accounts on the basis of the AEOI that is relevant for ensuring taxation. This global standard combats international tax avoidance and evasion.
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), as a body of the OECD, is responsible for reviewing the implementation of and compliance with this international standard in all participating countries («peer review process»). 2020 - 2022, the Global Forum subjected Liechtenstein to such a review process, in addition to all other AEOI states. The result has now been published on the occasion of the plenary meeting of the Global Forum held at the beginning of November 2022 (peer review report as of 9 November 2022).
As a result of this review, the OECD has recognised that Liechtenstein fully complies with the international OECD standard both in the implementation of the legal framework and in the effective implementation of the AEOI in practice. Consequently, Liechtenstein has received the best assessment rate («in place»).
The recognition of the standard-compliant realisation of the AEOI as well as its effective implementation is a result of the consistent implementation of Liechtenstein's financial centre strategy, to which all financial centre participants in Liechtenstein are fully committed. Through an effective exchange of information, Liechtenstein makes an important contribution to combating cross-border tax offences. The peer review report shows that this clear orientation of Liechtenstein and the Liechtenstein financial centre is recognised internationally.
The OECD peer review report can be downloaded here.
#AEOI, #CRS, #Tax, #OECD, #Liechtenstein, #Roadmap2025
