Vaduz - The principality of Liechtenstein announced Monday that it had negotiated agreements on sharing tax information with Belgium and Antigua and Barbuda, part of an ongoing effort to meet openness standards demanded by other nations. Once signed, the agreements would foster information sharing on tax data starting in 2010.
Liechtenstein and many other so-called tax havens have started to
renegotiate their double taxation accords to allow for greater transparency, following pressure from major economic powers which say they have been cheated out of tax income by people hiding their money in secret accounts in those havens.
The Organization for Economic Cooperation and Development organized a "grey list" of offending countries earlier this year, composed of those with banking secrecy laws. Nations can only leave the list after signing 12 bilateral double taxation agreements which include transparency clauses
"The agreements should be signed as soon as possible, to ensure that Leichstenstein can be removed from the grey list," said Liechtenstein Prime Minister Klaus Tschuetscher. "We will stoutly pursue international cooperation in tax questions after a successful delisting."
Talks with the Netherlands, Australia and the Nordic countries are also ongoing, with some in advanced stages, reported Liechtenstein's government in a press release. Deals have already been signed with the US, France, Germany, Britain, Ireland and Luxembourg.
Neighbouring Switzerland recently exited the grey list.
Austria and Luxembourg were also removed this autumn.
But last week, those two countries put the brakes on an agreement between Liechtenstein and the European Union, saying it was too lax on reporting earnings and that the deal should also extend beyond back accounts, to include anonymous trusts and shell companies.
The statement from Liechtenstein said it expects to soon have an agreement with the EU.
