Liechtenstein and Austria Concluded Tax Treaty Talks

Liechtenstein and Austria Concluded Tax Treaty Talks

Recently Liechtenstein and Austria have concluded negotiations on a bilateral withholding tax agreement and on a revision of the existing double taxation agreement between two countries.

The bilateral withholding tax agreement and the revised double taxation agreement between Liechtenstein and Austria will be signed tomorrow, on January 29, 2013. The text of withholding tax agreement is based on the similar treaty between Austria and Switzerland, which entered into force on January 01, 2013. The withholding tax agreement between Liechtenstein and Austria provides for the taxation of assets held by Austrians in Liechtenstein banks as well as for the taxation of assets managed worldwide by wealth structures in Liechtenstein.

According to the agreement, Liechtenstein banks and asset managers will levy a withholding tax on past assets and will tax future investment income, payments to non-transparent foundations and payments from non-transparent foundations to beneficiaries.

The revised double taxation agreement between Liechtenstein and Austria provides for the mutual exchange of tax information in accordance with the international standard. The withholding taxes on dividends and interest have been adjusted.

Details of the withholding tax agreement between Liechtenstein and Austria will be published after the signing.

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