The Government adopts report and motion on amendment of the AEOI Act, the FATCA Act, and other laws
Vaduz (ots)
At its meeting on 9 July 2024, the Government adopted its report and motion on amendment of the Law on the International Automatic Exchange of Information in Tax Matters (AEOI Act), the Law on Implementation of the FATCA Agreement between the Principality of Liechtenstein and the United States of America (FATCA Act), the Law on the Agreement between Liechtenstein and Austria on Cooperation in Tax Matters (AStA Act), and the Law on the International Automatic Exchange of Country-by-Country Reports of Multinational Enterprise Groups (CbC Act).
Liechtenstein introduced automatic exchange of financial account information (AEOI) in 2016. Proper implementation of AEOI is monitored by the Global Forum on Transparency and Exchange of Information for Tax Purposes as part of a multistage and ongoing peer review process. The entire peer review process will continue until 2025 and is expected to conclude with a country rating between mid-2025 and the end of 2025.
The legislative amendments aim to ensure timely implementation of the findings and recommendations from the peer review process so that Liechtenstein can achieve the best possible country rating in line with its Financial Centre Strategy. The main adjustments concern an expansion of the registration requirement and the creation of a legal basis to ensure an appropriate internal organisation for AEOI purposes at the financial intermediaries covered by the legislation. The rules governing inspections and disclosure requirements will also be improved.
With this active approach, Liechtenstein is continuing to pursue its proven path. The work undertaken to date on effective implementation of AEOI and the predominantly positive feedback from the peer review process are the result of extensive joint efforts with the financial centre associations.[JH1]
In addition to amendments to the AEOI Act, the proposal contains analogous amendments to the FATCA Act and the CbC Act. The CbC Act will be amended so that the CbC report can be submitted not only by Liechtenstein ultimate parent entities, but also by other Liechtenstein business units of the group.
The report and application can be obtained from the Government Chancellery or at
Contact:
Ministry of General Government Affairs and Finance
Simon Biedermann, Secretary General
T +423 236 67 47
Simon.Biedermann@regierung.li