The government has approved three double taxation agreements with Iceland, Andorra and the United Arab Emirates. Liechtensteins network of such agreements is continuing to grow.
The government of Liechtenstein has approved three applications for double taxation agreements (DTA) with Iceland, Andorra and the United Arab Emirates, a statement has revealed. The DTAs are based on the international OECD standard and are related to the results of measures against so-called base erosion and profit shifting (BEPS).
They contain comprehensive provisions on tax competences and regulations that affect cooperation between the tax authorities. The goal of the agreements is to avoid double taxation and prevent tax evasion on income and property tax. The agreement with Iceland took into account the fact that both countries are members of the European Economic Association (EEA). Following the governments approval, the agreements will now be transferred to the Landtag (state parliament).
The agreements are part of the governments effort to build Liechtensteins network of DTAs within and beyond Europe. So far, Liechtenstein has such agreements with its neighbours Austria and Switzerland, as well as Germany, Great Britain, Hong Kong and Singapore, according to a government diagram.