TaxAdministrationLiechtenstein eases bank secrecy rules

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.

Further reading:

Advi
sers hold the key to success of offshore amnesty

Related Articles

OECD pursues input on multilateral instrument

Administration OECD pursues input on multilateral instrument

2y Fraser Simpson, Reporter
Government deliberates secondary adjustment to transfer pricing rules

Administration Government deliberates secondary adjustment to transfer pricing rules

2y Fraser Simpson, Reporter
KPMG receives complaints over Isle of Man controversy

Accounting Firms KPMG receives complaints over Isle of Man controversy

2y Fraser Simpson, Reporter
Panama commits to share financial account information

Administration Panama commits to share financial account information

2y Richard Crump, Writer
Stop shifting profits to tax havens, UN urges

Administration Stop shifting profits to tax havens, UN urges

2y Fraser Simpson, Reporter
Government pressure driving HMRC's scatter gun approach to criminal investigations

Administration Government pressure driving HMRC's scatter gun approach to criminal investigations

2y Accountancy Age, Reporters
Tax transparency plans adopted across Europe

Administration Tax transparency plans adopted across Europe

2y Fraser Simpson, Reporter
Bermuda falls in line with OECD tax reporting agreement

Administration Bermuda falls in line with OECD tax reporting agreement

2y Fraser Simpson, Reporter