The Global Forum on Transparency and Exchange of Information for Tax Purposes recently has switched its rated on Liechtenstein being “largely compliant” with Organisation for Economic Cooperation and Development (OECD) standards on tax transparency.
Liechtenstein’s Prime Minister, Adrian Hasler, has welcomed the recognition from the international community for the country efforts in order to improve tax transparency.
Hasler described the Global Forum’s rating as a huge success for Liechtenstein’s financial strategy. He said the rating was an important milestone in the positive development of the country’s financial and economic center.
Liechtenstein was certified to have the information required by international standards on economic beneficiaries in companies and other legal units, as well as accounting records and banking details, according to a Government statement. Liechtenstein also rated well in terms of its exchange of information with treaty partners in practice.
The Global Forum gave recommendations in certain areas that require improvement. The Government said it has already taken corrective action in some of these areas.
To date, the Global Forum has reviewed 120 countries and awarded 86 overall ratings. The Global Forum uses so-called peer reviews to ensure the implementation of the OECD’s standards of transparency and exchange of information in tax matters.