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| Liechtenstein to implement tax transparency standards |
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The Liechtenstein Government has confirmed that it intends to sign up to the Organisation for Economic Co-operation & Development (OECD) standards of transparency and exchange of information. The announcement is the culmination of many years of internationally co-ordinated work on the part of the UK tax authorities working in partnership with colleagues in the OECD and recent collaboration between HMRC, the UK embassy in Berne and the Liechtenstein Government. The Right Honourable Stephen Timms MP, Financial Secretary to the Treasury said: "Today's welcome announcement is further evidence that tax secrecy is fast becoming entirely unacceptable. We now need to see Liechtenstein move quickly to take the concrete steps which need to follow. In the next few weeks we will be accelerating the internationally co-ordinated drive for improved openness and transparency." Dave Hartnett, HMRC Permanent Secretary for Tax said: "Whilst today's commitment is to be welcomed, we need to see a quick application of the OECD standards on transparency, including to previous years. Today's recognition of the need for transparency does not mean we can draw a line under many earlier years of secrecy." "HMRC looks forward to taking these matters forward with the Government and banks of Liechtenstein in the near future."
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Friday, 13 March 2009 | 865 Hits |
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