Liechtensteins legal and regulatory framework corresponds to OECD standards for administrative assistance in tax matters on request, the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has confirmed.
Liechtenstein was awarded an overall rating of largely compliant in a country report published by the Global Forum. Prime Minister Adrian Hasler described the Global Forums rating as a huge success for Liechtensteins financial strategy. As quoted in a press release, he said the rating was an important milestone in the positive development of the countrys financial and economic centre.
Central to the review were established legal foundations, as well as authorities use of the exchange of information framework in practice. Liechtenstein was certified to have the information required by international standards on economic beneficiaries in companies and other legal units, as well as accounting records and banking details. Liechtenstein also rated well in terms of its exchange of information with treaty partners. The Global Forum gave recommendations in certain areas with regards to deficits. The government has already taken corrective action in some of these areas.
To date, the Global Forum has reviewed 120 countries and awarded 86 overall ratings. The Global Forum uses so-called peer reviews to ensure the implementation of the OECDs standards of transparency and exchange of information in the tax area.