Liechtenstein May Roll Out More Tax Amnesties, Government Says
Liechtenstein, the Alpine principality of 36,000 wedged between Switzerland and Austria, may announce further tax amnesties along the lines of its disclosure treaty with the U.K.
“We are in discussion with a number of countries on such an approach,” Katja Gey, the director of the office of international financial affairs of the government of Liechtenstein, said in a telephone interview. “There has been interest, but so far we have not come close to a possible conclusion of a similar treaty.”
The Liechtenstein Disclosure Facility with the U.K. was implemented in 2010, offering wealthy Britons the chance to “come clean” on unpaid taxes. About 2,400 people with bank accounts in Liechtenstein have agreed to disclose unpaid tax owed to the U.K., the revenue and customs office said last month.
The disclosure facility aims to raise as much as 3 billion pounds ($4.6 billion) by 2016, according to the revenue office. The principality and the U.K. formally signed a new double taxation treaty on June 11, setting out provisions on administrative assistance in tax matters in line with the Organization for Economic Cooperation and Development’s Model Tax Convention.
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