OECD Secretary-General Angel Gurria has welcomed Liechtenstein’s announcement of plans to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and take further steps to increase transparency and international co-operation.
Liechtenstein announced that it will sign the Convention during the 21-22 November Global Forum on Transparency and Exchange of Information for Tax Purposes in Jakarta, Indonesia.
It also committed to implement automatic exchange of information with tax authorities worldwide and engage in bilateral negotiations to resolve the tax position of current clients of financial institutions based in Liechtenstein.
Gurria said: "Liechtenstein has taken a very significant step today towards full transparency by endorsing the new standard on automatic exchanging of information, joining other countries in this area. We welcome the Government’s unambiguous new commitment to transparency, as well as its plan to sign the Multilateral Convention, which is becoming a truly global instrument, with more than 60 signatories."
The Multilateral Convention provides for all forms of mutual assistance: exchange on request, spontaneous exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while protecting taxpayers’ rights.
It also provides the option to undertake automatic exchange, requiring an agreement between the Parties interested in adopting this form of assistance.
The 61 current signatories to the Convention are: Albania, Andorra, Argentina, Australia, Austria, Azerbaijan, Belgium, Belize, Brazil, Canada, Chile, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Ghana, Greece, Guatemala, Hungary, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Malta, Mexico, Moldova, Morocco, Netherlands, New Zealand, Nigeria, Norway, Poland, Portugal, Romania, Russian Federation, Saudi Arabia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Tunisia, Turkey, Ukraine, United Kingdom, and United States.
The following jurisdictions are also covered by the Convention through territorial extension by Denmark: the Faroe Islands and Greenland; by territorial extension by the Netherlands: Aruba, Curaçao and Sint Maarten; and by territorial extension by the United Kingdom: the Cayman Islands, Montserrat and Turks and Caicos.