Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Anger at mental health stigmatisation after crash allegations

Read more

THE WORLD THIS WEEK

Yemen, the Escalation; France's Three Way Race; Clarkson Shown the Exit (part 2)

Read more

THE WORLD THIS WEEK

Germanwings Crash; Co-pilot 'hid illness' on crash day (part 1)

Read more

#THE 51%

The extraordinary tale of the Egyptian mother who lived as a man

Read more

REPORTERS

Video: San Cristobal, Venezuela's tinderbox

Read more

FRANCE IN FOCUS

France's chronic umemployment problem

Read more

FOCUS

Portugal: Anger at corruption scandals, one year after bailout

Read more

YOU ARE HERE

Bistronomy: Stylish and simple eating

Read more

THE INTERVIEW

Erdogan: 'Turkey may provide logistical support to Saudi-led operation in Yemen'

Read more

Europe

New treaty will adopt OECD rules on tax reporting

Latest update : 2009-05-23

Luxembourg and Liechtenstein announced plans on Friday to conclude a treaty in line with the Organisation for Economic Cooperation and Development's rules on tax reporting. Both powers are under pressure to revise their laws on banking secrecy.

AFP - Liechtenstein and Luxembourg, which have both been criticised by world powers for their banking secrecy, are planning a tax treaty to fall into line with OECD rules, Liechtenstein said Friday
   
The Organisation for Economic Cooperation and Development (OECD) last month put Luxembourg and Liechtenstein on a list of territories it said had not yet fully implemented international tax reporting norms.
   
One of the requirements relates to the number of bilateral agreements a country has signed with other countries to exchange banking information for taxation purposes.
   
"With this step towards an OECD-compliant double taxation agreement, we are showing that we (can) move fast in implementing the commitments we have entered into," said Liechtenstein Prime Minister Klaus Tschuetscher during a visit to his Luxembourg counterpart Jean-Claude Juncker.
   
Tschuetscher said in a statement he was confident that similar dual taxation treaties would be possible with other European Union countries.
   
The government decided on March 12 to ease the country's legendary banking secrecy and to adopt OECD tax standards after pressure during a crackdown the Group of 20 leading economies against tax evasion in recent months.
 

Date created : 2009-05-23

COMMENT(S)