Liechtenstein and Austria Will Conclude Tax Deal

Liechtenstein and Austria Will Conclude Tax Deal

Negotiations between Liechtenstein and Austria on a tax deal, aimed to resolve the issue of Austrian citizens’ undeclared bank accounts in the Liechtenstein banks, are being held now.

The tax treaty is expected to be signed by the end of January 2013. The bilateral tax agreement between Austria and Liechtenstein will be based on a deal concluded between Austria and Switzerland earlier in the year.

Signed in April and due to enter into force from January 01, 2013, the Swiss-Austrian tax deal provides for a withholding tax to be levied on undisclosed assets held by Austrian residents in Swiss banks. The Swiss-Austrian agreement also contains plans to impose an annual withholding tax on future investment income.

The treaty between Austria and Liechtenstein is expected to cover undeclared assets held in foundations and trusts in Liechtenstein. 

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