TaxPersonal TaxLiechtenstein pledges to co-operate on tax

Liechtenstein pledges to co-operate on tax

Principality commits to some form of information sharing

Liechtenstein is considering plans to make it more difficult for wealthy
foreigners to salt money away in the principality.

‘We will not give up bank secrecy,’ Otmar Hasler, the prime minister,
told
the FT
. ‘But we are willing to collaborate with other nations when
it comes to the misuse of bank secrecy laws for tax evasion.’

The move could prove a major breakthrough for the OECD, which has been trying
to get tax havens to at least open up to information sharing with other
countries.

Details of the initiative are as yet unclear, but one measure being
considered was thought to be an offer to give governments information about
people with undeclared accounts provided they did not suffer excessive
penalties, the FT reported.

Under the scheme, account-holders would be told their details were to be made
available, giving them time to transfer their money elsewhere, the paper said.

Further Reading:

Read
the FT story

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