The government of Italy included Liechtenstein in their White List of jurisdictions, which as they think are the most cooperative in tax questions.
According to the order of Finance Ministers of Italy Liechtenstein was remove in a White List of jurisdiction and approved 9 of August and published 22 of August.
The Italian government moves come after Liechtenstein signed agreements with EU in October 2015 for automatic exchange of information about financial accounts from 2017.
According to this agreement’s members of EU can get the names, addresses, number of tax identification and dates of birth of citizen who has accounts in Liechtenstein and also another finance information and account balance.
The government of Liechtenstein claimed that the including of this country to the White List has a lot of advantages for companies in Liechtenstein. It includes include the reduction of tax at source on dividend payments, the minimization of fund taxation, and lower administrative costs. “Particular benefactors will be Liechtenstein’s insurance companies, which must no longer name tax representatives in Italy”, the statement said.
Liechtenstein is also recently represented their document about of ratification of the Multilateral Competent Authority Agreement on country-by-country (CbC) reporting.
With the move Liechtenstein will be able to exchange information which are exists in CbC reports with tax agree partners, who introduce needed report’s standard. Liechtenstein was one of the first who signed these agreements, which on 30 of June 2016 had 44 signatories.