TIEA with Italy will be submitted to parliament
The government has approved the report and application to the Diet a Tax Information Exchange Agreement (TIEA) and an additional protocol, as it was from the government building on Thursday. The agreement was signed in Rome on 26 February 2015.
VADUZ. The TIEA is based on the applicable international standards . The agreement will enter into force after completion of dual approval process. With the entry into force of the Agreement existing tax disadvantages for Liechtenstein companies in Italy are canceled, which are based on the exchange of information missing.
The agreement in the Additional Protocol control allows Italian taxpayers with assets in Liechtenstein can participate in the ongoing Italian voluntary disclosure program on the best terms. The Additional Protocol provides for the possibility to make on the basis of the applicable OECD standard requests to identify those who do not participate in the Italian voluntary disclosure program and wish to conceal untaxed assets. The cooperative behavior of the Liechtenstein financial institutions in the regularization of their customers is supported positively charged. So the risk of criminal prosecution of financial institutions and their employees will be reduced. The Additional Protocol will be requested, concerning taxable years or assessment periods from 26 February 2015 applicable.
The agreements form the basis for an in-depth tax cooperation between the two countries, in which in a next step, the implementation of the automatic exchange of information and the opening of negotiations on the conclusion of a double taxation agreement is provided. (IRs)
