Liechtenstein Prime Minister Adrian Hasler and Italian Finance Minister Pier Carlo Padoan on February 26 signed a tax information exchange agreement (TIEA) based on the OECD model and a protocol and joint declaration on future cooperation in tax matters.
The TIEA provides for exchange of information relating to tax matters on request, facilitating the regularization of untaxed assets before the planned introduction of automatic exchange of information between the countries in 2017.
The protocol allows the Italian tax authorities to make requests for information on groups of taxpayers that are considered to be at risk for tax evasion.
Also, under the agreements Italian taxpayers with an account in Liechtenstein can take part in the Italian voluntary disclosure programme under the same conditions as those for countries that are not on a Italy’s blacklist. Taxpayers that follow the procedure can regularize their position by paying all taxes with reduced penalties.
Italy signed a similar agreement with Switzerland on February 23.
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