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Liechtenstein adopts OECD rules on tax cooperation

Liechtenstein adopts OECD rules on tax cooperation

Liechtenstein says it is prepared to drop its distinction between tax evasion and tax fraud.
The tiny principality says it will adopt international standards on cross-border tax cooperation and is prepared to begin bilateral negotiations with other countries on the matter.
Pressure has been growing on Liechtenstein and other secretive banking strongholds to adopt rules drawn up by the Organization for Economic Cooperation and Development.
Prime minister Otmar Hasler said in a statement Thursday that the country aims to ensure legal certainty for its banks while meeting its international obligations.
The U.S. and Germany have accused Liechtenstein of hindering their investigations by insisting on only handing over data in cases of outright tax fraud.


Updated : 2021-07-26 03:28 GMT+08:00