Vaduz (ots) - At its meeting on 9 July 2024, the Government adopted several reports and motions on the redesign of the supervisory law governing banks and investment firms. These reports and motions on a comprehensive revision of the Banking Act (BankG) and the creation of a new Investment Services Act (WPDG), ...
Vaduz (ots) - At its meeting on 9 July 2024, the Government adopted its report and motion on amendment of the Law on the International Automatic Exchange of Information in Tax Matters (AEOI Act), the Law on Implementation of the FATCA Agreement between the Principality of Liechtenstein and the United States of America (FATCA Act), the Law on the Agreement between ...
Vaduz (ots) - At its meeting on 9 July 2024, the Government approved the Report and Motion of the Government on extension of the interest-free loan to Liechtenstein Wärme - the establishment responsible for Liechtenstein's natural gas supply - to maintain the country's strategic gas reserve. Pursuant to the Ordinance of 29 June 2022 on Securing the Supply of Natural Gas in the Event of a Serious Shortage (Natural Gas Supply Security Ordinance, EVSV), Liechtenstein Wärme ...
Vaduz (ots) - After concluding its rating process, the international rating agency S&P Global Ratings affirmed Liechtenstein's country rating in its research update of 27 May 2024 with the highest rating, AAA, and a stable outlook. In its report affirming the rating, S&P Global Ratings cites the very positive result of the national accounts and the strong fiscal position of the country's public budgets. The stable outlook ...
Vaduz (ots) - From April 29 to May 2, Deputy Prime Minister Sabine Monauni, who is Liechtenstein's Minister of Home Affairs, Economy and Environment, visited the US. In Washington, DC she held bilateral talks on Liechtenstein - US economic relations. The US is one of Liechtenstein's most important economic and trading partners with Liechtenstein companies providing ...
Vaduz (ots) - In a virtual signing ceremony on 12 July 2023, Prime Minister and Minister of Finance Daniel Risch and Italian Minister of Finance and Economic Affairs Giancarlo Giorgetti signed the double taxation agreement (DTA) between Liechtenstein and Italy. The DTA will enter into force once the domestic legislative process is complete. This successful signing of the DTA - which had already been initialled in 2019 - ...
Vaduz (ots) - In the autumn of last year, the Liechtenstein Parliament instructed the Government to start accession negotiations with the International Monetary Fund (IMF). Following numerous preliminary talks at a technical level, the Government has now officially filed an application for IMF membership and has thus started the formal accession process. The Executive ...
Vaduz (ots) - In its meeting on 17 November 2020, the Government adopted an amendment to the Banking Ordinance (BankV) based on Article 3 of the Banking Act (BankG). That amendment created the possibility for banks or investment firms with registered offices in the United Kingdom of Great Britain and Northern ...
Vaduz (ots) - For decades, Liechtenstein has been actively engaged in the combat against money laundering and terrorist financing and has been guided by the international standard of the Financial Action Task Force (FATF). Since 1999, Liechtenstein has been a member state of MONEYVAL, which is a regional body ...
Vaduz (ots) - A scientific consortium led by Liechtenstein scientists and entrepreneurs Lorenz Risch and Martin Risch launched the prospective "COVI-GAPP study", involving more than 1100 subjects from the Principality of Liechtenstein, in April 2020. The aim was to show whether a sensory bracelet, already used ...
Vaduz (ots) - At its meeting on 17 November 2020, the Government approved an amendment to the Banking Ordinance This measure allows banks or investment firms established in the United Kingdom of Great Britain and Northern Ireland to continue to provide investment services and activities as well as ancillary services ...
Vaduz (ots) - The Liechtenstein Parliament today passed the Token and TT Service Provider Act (TVTG). This means that the law can enter into force on 1 January 2020. With the new law, Liechtenstein is the first country to have a comprehensive regulation of the token economy. On the one hand, the law regulates civil law issues in relation to client protection and asset ...
Vaduz (ots) - The Financial Stability Council (FSC) held its first meeting on 5 July 2019. The Financial Stability Council is the central body for macroprudential supervision in Liechtenstein and has been legally established in May 2019. The council's members are representatives of the Ministry for General Government Affairs and Finance and the Financial Market ...
Vaduz (ots) - Yesterday, the Liechtenstein parliament dealt with the Act on Tokens and TT Service Providers (TVTG) in its first reading. Entering into the first reading was undisputed and unanimously supported. Members of Parliament recognised the opportunities offered by this regulatory approach and at the same time addressed the risks. "The discussions were constructive and at a remarkable level. I would like to thank ...
Vaduz (ots) - On 7 May 2019, the Government adopted the Report and Motion on the creation of a Law on Tokens and Trustworthy Technology Service Providers (Token and TT Service Provider Act; TVTG), frequently referred to as the "Blockchain Act". Blockchain technology was initially developed for Bitcoin, a private digital monetary system. However, the technology can be used far beyond Bitcoin. Blockchain technology is ...
Vaduz (ots) - The EU Member States and the British Prime Minister agreed at the EU Council this week to postpone Brexit until at least 12 April 2019. If the British Parliament approves the withdrawal agreement this week, the UK will leave the EU in an orderly fashion on 22 May 2019. If Parliament rejects the deal again, the British Government will have to submit proposals for further action, otherwise the UK will leave ...
Vaduz (ots) - Liechtenstein complies with the international standards of the OECD on the exchange of information for tax purposes. The report by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) finds that the legal framework and practice in Liechtenstein are to a large ...
Vaduz (ots) - The Government of the Principality of Liechtenstein is defining new measures to expand the competitiveness of the financial centre. Today, the Government published a comprehensive financial centre strategy, consistently pursuing the path it has embarked on. The financial centre strategy aims to strengthen Liechtenstein's attractiveness as an international and innovative financial centre for the long term. ...
Vaduz (ots) - With its decision of 2 October 2018 the EU Economic and Financial Affairs Council (ECOFIN) removed Liechtenstein from the so-called "Grey List". The EU thereby confirms that Liechtenstein complies with the EU criteria of tax transparency, fair business taxation and the implementation of the BEPS minimum standards. On 5 December 2017 the ECOFIN listed several countries and territories on the EU-list of ...
Vaduz (ots) - In its meeting of September 4th the Government adopted the Report and Motion on the notification of partner jurisdictions in accordance with Section 7(1)(f) of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA). The Government proposes that the ...
Vaduz (ots) - In its meeting of 28 August 2018, the Government adopted the consultation report on the Law on Transaction Systems Based on Trustworthy Technologies (TT) (Blockchain Act; TT Act; VTG) and the amendment of further laws. A blockchain is a distributed database on which transactions or contracts are encrypted and stored in a tamper-proof manner. Blockchain technology not only forms the basis for cryptocurrencies ...
Vaduz (ots) - In its meeting of 7 June 2018, the Liechtenstein Parliament adopted amendments to the Tax Act. The amendments were based on the review of the Liechtenstein Tax Act by the EU Code of Conduct Group regarding tax transparency, fair business taxation, and the implementation of the minimum standards to prevent BEPS. Concerning Liechtenstein, the EU working group identified room for improvement in a few areas of ...
Vaduz (ots) - From 11 - 15 June 2018 Liechtenstein hosted members of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) for working meetings. The Global Forum is an international body with currently 150 members, including all OECD and G20 states. All the members of the Forum have undertaken to adhere to as well as to implement the global standards on transparency and exchange ...
Vaduz (ots) - David Moran, the British Ambassador to Liechtenstein, was paying a visit to Liechtenstein on 24 November 2017. After meeting with Prime Minister Adrian Hasler, Ambassador Moran gave a speech to representatives of business, politics and administration on the subject "Liechtenstein and the UK - a unique ...
Vaduz (ots) - From 30 October until 1 November 2017 talks were held in Beijing on a bilateral Double Taxation Agreement (DTA) between Liechtenstein and China. The delegations explained their respective domestic tax provisions and exchanged positions on the DTA article by article. It was agreed that both sides would update each other about relevant developments in the ...
Vaduz (ots) - On Sunday, Adrian Hasler took part in the opening of the Alpbach Political Symposium. Together with the president of the European Forum Alpbach, Franz Fischer, the Prime Minister invited several top-class guests. The guests included the Austrian Federal Minister Alexander van der Bellen, the President ...
Vaduz (ots) - The Government of Liechtenstein has taken note with deep regret of the decision of South Africa to withdraw from the Rome Statute of the International Criminal Court. South Africa was instrumental in the drafting of the Rome Statute and a symbol of human rights and justice on the African continent. Without its voice and contribution, the International Criminal Court could not have been established, and its ...
Vaduz (ots) - On 30 September 2016, the EEA Joint Committee, whose decisions result in the inclusion of new EU law in the EEA Agreement, decided to incorporate the first package of legal acts relating to the European Supervisory Authorities (ESAs). "This is a milestone for the competitiveness of our financial centre, since equal access to the EU single market has now ...
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 ...
Vaduz (ots) - The OECD and the G20 countries aim to take action against tax avoidance in multinational enterprises. They have developed measures against artificial profit shifting and tax base erosion (Base Erosion and Profit Shifting - BEPS). The goal of the BEPS Project is to support countries in protecting their tax base and at the same time to ensure that legal ...