As announced by the Liechtenstein government, Liechtenstein and the EU Commission have today signed the Agreement on the Automatic Exchange of Information (AEOI), after it was expressly approved by the members of all EU countries at the Council of the European Union last Monday.
The Liechtenstein Bankers Association (LBA) very much welcomes the signing of the agreement. This is another important milestone in Liechtenstein's international tax cooperation. In signing the agreement, Liechtenstein underlines its consistent stance in relation to the international standards in tax matters and in respect to the Automatic Exchange of Information. The declaration signed in this context by all EU Council Members represents an express acknowledgement and recognition of the measures taken by Liechtenstein. Furthermore, the Council Members commit to re-analyse the situation of Liechtenstein at national level against the background of the AEOI-agreement and to take into account the agreement in their bilateral relations with Liechtenstein.
With the upcoming ratification of the agreement and the simultaneous adoption of the AEOI Implementation Act in the Parliament at the beginning of November, there is nothing more to prevent it coming into force as of 1 January 2016. Thus, Liechtenstein has also done its homework at national leven and created the basis for a fully functioning exchange of information from 2017. This makes Liechtenstein one of the first countries not only to fulfil its international commitment but also to provide the clients of the financial centre with the appropriate legal and planning security.
(Source: Liechtenstein Bankers Association)