Austria: Liechtenstein, Austria Close To Tax Agreement
2013/01/17
Liechtenstein’s Prime Minister Klaus Tschütscher has confirmed plans to conclude a tax package with Austria in a little while. During a recent working visit to Vienna, Tschütscher held talks with Austrian Finance Minister Maria Fekter, with the discussions focusing on negotiations on a bilateral double taxation and withholding tax agreement between the two nations.
Underlining the strong bond between the neighboring nations inclunding the close economic ties between Austria and Liechtenstein, Tschütscher revealed that the road map has been set and both parties aim to sign the joint tax package any minute at this time.
According to the Liechtenstein prime minister, international tax conformity is a key framework condition of the Principality’s tax policy. While underscoring his conviction that national tax sovereignty must be maintained, Tschütscher nevertheless emphasized the importance of cross-border tax cooperation.
During the course of his conference with Fekter, Tschütscher alluded to the cornerstones of the Liechtenstein tax policy, insisting that the country’s tax law is 100% compatible with the European Union (EU).
The bilateral tax accord between Austria and Liechtenstein, aimed at resolving the issue of Austrian citizens’ undeclared and untaxed bank accounts in the Principality, is based on a transaction similar to that concluded between Austria and Switzerland, which entered into force at the beginning of the year.
The Swiss-Austrian tax transaction provides for a withholding tax to be levied on undisclosed assets held by Austrian residents in Swiss banks to regularize the accounts and imposes an annual withholding tax on next investment gain.
Unlike the treaty brokered with Switzerland, the accord being negotiated with Liechtenstein is expected to encompass undeclared assets held in both foundations and trusts in Liechtenstein.
- Related Articles
-
Austria Private Sector Growth Maintains Strong Momentum
2017/07/30 Austria's private sector sustained its robust increase momentum in July amid strong increase in output, new orders and employment, survey data from IHS Markit showed Friday. -
OPEC, non-OPEC agree first global oil pact since 2001
2017/06/02 OPEC and non-OPEC producers on Saturday reached their initial transaction since 2001 to curtail oil output jointly and relieve a world glut next additional than two years of low prices that overstretched a lot of budgets and spurred unrest in some nations. With the transaction finally signed next almost a year of arguing within the OPEC and mistrust in the willingness of non-OPEC Russia to play ball, the market’s focus will presently switch to compliance with the agreement. OPEC has a long history of cheating on output quotas. The fact that Nigeria and Libya were exempt from the transaction due to production-denting civil strife will further pressure OPEC leader Saudi Arabia to shoulder the bulk of supply reductions. -
Higher earning Why a university degree is worth more in some countries than others
2016/12/11 A university education may expand your mind. It will as well fatten your wallet. Data from the OECD, a club of rich nations, show that graduates can expect far better lifetime earnings than those without a degree. The size of this premium varies. It is greatest in Ireland, which has a high GDP per chief and rising inequality. Since 2000 the unemployment rate for under-35s has swelled to 8% for those with degrees – but to additional than 20% for those without, and nearly 40% for secondary school drop-outs. The country’s wealth presently goes disproportionately to workers with letters next their names. -
Minister Kurz is visiting South Africa from 24-26 October 2016,
2016/10/22 International Relations and Cooperation Minister Maite Nkoana-Mashabane will meet with her Austrian counterpart, Sebastian Kurz, the Minister for Europe, Integration and Foreign Affairs, on 24 October 2016 in Pretoria. Minister Kurz is visiting South Africa from 24-26 October 2016, heading a 50-person strong business delegation, which includes the President of the Austrian Chamber of Commerce. South Africa ranks 6th amongst Austria’s overseas trading partners and is Austria’s major trading partner in Africa
-
- Austria News
-
- AUSTRIA: Austria Private Sector Growth Maintains Strong Momentum
- AUSTRIA: OPEC, non-OPEC agree first global oil pact since 2001
- AFGHANISTAN: Higher earning Why a university degree is worth more in some countries than others
- AUSTRIA: Minister Nkoana-Mashabane to host her Austrian counterpart
- ALBANIA: Europe in 2016: Terror fears, migration, politics. But economy may turn a corner
- AFGHANISTAN: Global growth will be disappointing in 2016: IMF's Lagarde
- Trending Articles
-
- QATAR: Qatar focuses on preventive care in new national health strategy
- SOUTH AFRICA: South Africa targets increased investment for food and beverages
- CHINA: Why China and Russia will be best frenemies forever
- CHINA: China energy regulator raises targets for curbing coal-fired power
- UNITED STATES: EU's Juncker says ready to retaliate if needed over new U.S. sanctions on Russia
- NIGERIA: The Federal Government Begs Dangote to Complete Refinery Before 2019