Italy and Liechtenstein sign tax information agreement

(AGI) Rome, Feb 26 - Italy and Liechtenstein have signed anagreement on the exchange of information for tax purposes,putting an end to banking secrecy in Liechtenstein. A similaragreement has already been signed with Switzerland. Italy'sminister of economy and finance Pier Carlo Padoan and AdrianHasler, Liechtenstein's prime minister and finance minister,signed an additional protocol relating to 'group requests'.This means the principality is no longer considered to be a'black list' country for Voluntary Disclosure purposes, andItalian citizens with illegal holdings/activities inLiechtenstein will be in a position to access more favourablelegal regularisation

(AGI) Rome, Feb 26 - Italy and Liechtenstein have signed anagreement on the exchange of information for tax purposes,putting an end to banking secrecy in Liechtenstein. A similaragreement has already been signed with Switzerland. Italy'sminister of economy and finance Pier Carlo Padoan and AdrianHasler, Liechtenstein's prime minister and finance minister,signed an additional protocol relating to 'group requests'.This means the principality is no longer considered to be a'black list' country for Voluntary Disclosure purposes, andItalian citizens with illegal holdings/activities inLiechtenstein will be in a position to access more favourablelegal regularisation procedures (full payment of taxes andlower sanctions). The agreement will boost administrativecooperation between the countries and help to combat taxevasion. It is based on the Organisation for Security andCooperation In Europe (OSCE) Tax Information ExchangeAgreement, and authorises the exchange of relevant informationon request for all tax purposes. Countries asked to provideinformation are obliged to gather it even where they do notthemselves require such information. The additional protocol,which governs group requests, allows for their presentationrelating to behaviours that suggest an intention to withholdfrom Italian tax authorities information relating to illegalholdings/activities in Liechtenstein. The agreement on theexchange of information and the additional protocol becomeeffective once ratification has been signed by parliaments inboth countries, so information exchange regulations can beapplied as of Feb. 26. The ministers also signed a jointpolitical commitment to automatic exchange of information onthe basis of the OSCE global standard, effective from 2017.Italy will formally include Liechtenstein in its 'white list'as soon as the measures come into play, and the two countrieswill begin talks on double tax treaties. (AGI) . .