Liechtenstein Close to Tax Enforcement Agreement with the EU and TIEA with the U.S.

On November 4, 2008, ECOFIN announced that the EU is close to finalizing an agreement to combat tax fraud with Liechtenstein. The Liechtenstein government has announced it expects to conclude a tax information exchange agreement with the U.S. in early 2009. Negotiated by the European Commission on the basis of a mandate prepared by the Council in 2006, the draft agreement covers fraud relating to both indirect and direct taxation. The EU believes the agreement must apply to direct taxation since the EU or its members do not have a convention with Liechtenstein on the exchange of tax information of savings...[more]