HMRC Welcomes Important First Steps by Liechtenstein on Path to Tax Transparency

Today’s announcement by the Liechtenstein Government of its intention to sign up to the Organisation for Economic Co-operation & Development (OECD) standards of transparency and exchange of information is the culmination of many years of internationally co-ordinated work on the part of the UK tax authorities working in partnership with colleagues in the OECD and recent collaboration between HM Revenue & Customs (HMRC), the UK embassy in Berne and the Liechtenstein Government.

The Right Honourable Stephen Timms MP, Financial Secretary to the Treasury said:

“Today’s welcome announcement is further evidence that tax secrecy is fast becoming entirely unacceptable. We now need to see Liechtenstein move quickly to take the concrete steps which need to follow. In the next few weeks we will be accelerating the internationally co-ordinated drive for improved openness and transparency.”

Dave Hartnett, HMRC Permanent Secretary for Tax said:

“Whilst today’s commitment is to be welcomed, we need to see a quick application of the OECD standards on transparency, including to previous years.

Today’s recognition of the need for transparency does not mean we can draw a line under many earlier years of secrecy.”

“HMRC looks forward to taking these matters forward with the Government and banks of Liechtenstein in the near future.”

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