Liechtenstein and Germany Intend to Conclude Tax Agreement

Liechtenstein and Germany Intend to Conclude Tax Agreement

Recently Liechtenstein’s Prime Minister Klaus Tschütscher and German Finance Minister Wolfgang Schäuble have had talks on current taxation and financial market issues.

During those talks both countries’ representatives expressed their wish to solve the issue of tax transparency. Currently Liechtenstein is considering the idea of concluding a withholding tax agreement with Germany. It is expected that the tax treaty between Liechtenstein and Germany would have some similarities to the withholding tax agreement concluded recently between Germany and Switzerland and would help to resolve the dispute on undeclared and untaxed assets of German residents held in Liechtenstein banks.

Unlike the Swiss-German agreement providing for a withholding tax to be levied by the Swiss banks and for the amount of the tax to be subsequently transferred to the German tax authorities, while at the same time maintaining client anonymity, Liechtenstein would prefer to conclude a treaty providing for an automatic exchange of information, for this would reduce costs and liability issues.

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