ROME (Reuters) – Italy and Liechtenstein have signed the agreement on tax matters.
“As was the case with Switzerland, the agreement puts an end to banking secrecy in the Principality,” says the Economy Ministry in a statement.
To sign the agreement were the Minister Pier Carlo Padoan and the prime minister and finance minister of Liechtenstein, Adrian Hasler.
The two also signed an Additional Protocol with regard to ‘requests for group’.
The agreement is based on the model of the OECD Tax Information Exchange Agreement (TIEA) and allows the exchange of information on request in respect of all taxes. The state to which the information is requested can not refuse to provide to the requesting State official assistance for lack of interest in its own tax purposes or the banking secrecy.
The Additional Protocol, which governs requests for group, will submit claims in relation to categories of behaviors that are presumed intention of taxpayers to hide from the Italian tax assets / assets held irregularly in Liechtenstein.
By signing the Principality is considered for the Voluntary Disclosure a country ‘not black list’, thus allowing citizens who hold Italian illegally assets and activities in Liechtenstein access to the procedure for regularization under more favorable conditions provided by Law (full payment of taxes and penalties reduced).
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