Liechtenstein praised for implementation of standard against tax evasion
15 November 2022
Liechtenstein received the best possible assessment for its implementation of the Automatic Exchange of Information in tax matters. The Global Forum on Transparency and Exchange of Information for Tax Purposes has therefore provided international recognition of Liechtenstein's efforts.
The Global Forum on Transparency and Exchange of Information for Tax Purposes has awarded Liechtenstein the best possible rating of “in place” for its implementation of and compliance with the global standard for the Automatic Exchange of Information (AEOI) in tax matters that aims to combat international tax avoidance and evasion. The result was announced by the Global Forum at its annual plenary meeting on November 9-11, 2022, which was held in Seville in southern Spain, further details of which can be found in a press release issued by the Liechtenstein Bankers Association (LBA).
Accordingly, as an organ of the Organisation for Economic Co-operation and Development (OECD), the Global Forum has recognized “that Liechtenstein fully complies with the international OECD standard both in the implementation of the legal framework and in the effective implementation of the AEOI in practice”.
This assessment is based on the review of Liechtenstein and other states participating in the AEOI between 2020 and 2022 as part of a peer review process. This is carried out by the Automated Information Exchange (APRG) peer review group, which comprises 30 members overall, including Liechtenstein.
According to the information available, this review process will continue over the years to come. There will be an on-site review in Liechtenstein in the second quarter of 2023. Liechtenstein was one of the first countries to introduce the AEOI standard in 2016.
The current mandate of the Global Forum to review compliance with international OECD standards on tax transparency has been extended until the end of 2025. In total, 165 countries are members of the Global Forum. Liechtenstein has been a member since 2009 and is also represented on the organization’s Steering Group.