Liechtenstein eases bank secrecy rules
European tax haven bows to international pressure and agrees to share more tax data
Liechtenstein
has become the latest tax haven to relax its bank secrecy rules and share
tax data with tax authorities.
The tiny European principality has signed up to international standards to
combat tax evasion and fraud, set by the set by the
Organisation
for Economic Co-operation and Development.
The move by the tax haven came ahead of an announcement today by Switzerland,
which is expected to announce concessions on bank secrecy in response to
mounting international pressure on financial centres that have the strictest
forms of client confidentiality, the Financial Times reported.
Governments are discussing new measures to crackdown on tax havens who are
accused of costing tax authorities tens of billions of pounds in lost tax
revenues.
World leaders are expected to announce new restrictions on tax havens next
month at the G20 summit in London.
In recent months The Isle of Man has signed a tax information exchange
agreement with Germany and the Cayman Islands has announced that it will sign
tax information exchange agreements with seven Nordic economies.
OECD Secretary-General Angel Gurría yesterday welcomed moves by financial
centres to become more transparent and exchange more information on tax.
Gurría said: ‘Ending the abuse of banking secrecy arrangements that
facilitate tax evasion is part of a broader drive to clean up one of the more
controversial sides of a globalised economy.’
In recent months The Isle of Man has signed a tax information exchange
agreement with Germany and the Cayman Islands has announced that it will sign
tax information exchange agreements with seven Nordic economies.
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