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ikr: Improvements for the financial centre - Italy places Liechtenstein on its white list
Vaduz (ots) - Italy has placed Liechtenstein on its domestic white list. The ministerial decree to this effect was adopted on 9 August 2016 and published on 22 August 2016. Pursuant to that decision, Italy deems Liechtenstein a cooperative state for tax purposes on the basis of the agreement with the EU on automatic exchange of information and exchange of information on request, which entered into force on 1 January 2016. Already in May 2016, the Italian tax authority had recognized Liechtenstein with effect as of 1 January 2016 as a "white list" country for purposes of the financial transaction tax (FTT).
As of the date of publication of the decree, the formal inclusion of Liechtenstein on the white list primarily entails a substantial reduction of the withholding tax on dividend payments, minimised taxation of funds, as well as administrative simplifications especially for Liechtenstein insurers. Accordingly, Liechtenstein insurance companies are no longer required to appoint a tax representative in Italy.
Ministry for General Government Affairs and Finance
Katja Gey, Office for International Financial Affairs
T +423 236 7670