Implementation of the independent exchange of information on course – Liechtenstein
VADUZ – The 14th plenary assembly of the Global Forum on Transparency and Exchange of Information for Tax Purposes will take place on a virtual basis from Wednesday to Friday. Liechtenstein is a member of the Steering Group of the Global Forum and, along with more than 130 other countries, took part in the plenary assembly. The government announced this in a broadcast.
The Global Forum ensures that. The standards regarding transparency and the exchange of information for tax purposes are adhered to at international level and implemented in a uniform manner. The focus of the work of the global forum was again this year on the peer reviews examining the standard for the exchange of information on financial accounts (AEOI) and the continuation of the second round of reviews of the standard for transparency and exchange of information on request (EOIR). The second round of reviews for the exchange of information on request was already completed in 2019 with the rating “Largely Compliant”, according to the notification with regard to Liechtenstein. Liechtenstein has a great interest in ensuring that the same rules apply to all participants, which makes these peer reviews possible.
Land has already implemented recommendations
This year’s AIA Peer Review Report was published during the plenary assembly. The AEOI Peer Review takes place in a multi-stage review process, with the report containing the updated assessments of the legal framework created for the implementation of the AEOI. The country implemented the recommendations of the report through an amendment to the law. In this report, the Global Forum confirms that the national implementation of Liechtenstein is fully in line with international requirements. The report therefore contained the rating “In Place” for the Liechtenstein legal framework and no recommendations were made. According to the broadcast, this confirms that Liechtenstein is also a reliable partner with the AEOI.
The result was also possible thanks to the consistent implementation of the financial center strategy and confirms the government’s stance to consistently pursue this path.
As a further step, the Global Forum is currently examining the effectiveness of AEI implementation in practice. The results of this review should be available by the end of 2022.