The Organisation for Economic Cooperation and Development (OECD) today announced that Liechtenstein has filed its instrument of ratification of agreements providing for the automatic exchange of financial account information in tax matters—under the common reporting standard (CRS)—and of country-by-country (CbC) reports under the base erosion and profit shifting (BEPS) project.
The subjects of the agreements are the CRS multilateral competent authority agreement and the multilateral competent authority agreement on the exchange of CbC reports.
As noted in today’s OECD release, Liechtenstein has committed to implement the automatic exchange of financial account information so that such automatic exchanges will begin in 2017. Liechtenstein has already agreed with the European Union regarding all EU Member States (excluding Austria) to exchange data in 2017 regarding 2016.
Read an August 2016 report [PDF 70 KB] prepared by the KPMG member firm in Liechtenstein
© 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.