Liechtenstein, Luxembourg seek tax deal

0 Comments | AFP, May, 2009

ZURICH (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...