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Swedish Parliament approves tax agreement with Liechtenstein


   political-economy




Wednesday, 11 May 2011
Yet another tax haven has fallen into the claws of the Swedish tax authorities. As of Wednesday afternoon, the Swedish parliament, the Riksdag, signed a treaty on information exchange in tax matters with Liechtenstein.

In the parliament, both the government and opposition welcomed agreed has even endorsed the decision before it was pushed.
“There was a political consensus in parliament. Now you can have an exchange between countries. It feels very positive, "says Ulf Berg of the ruling Moderate party who is also a member of the Committee on Taxation.

The bill is one in a series of agreements on information exchanges with former tax havens which came to light in the wake of G20 leaders and OECD countries’ demands for tougher tax regulation in such places.

In the Bill the Government proposes that Sweden should exchange information with Liechtenstein in tax matters. Representatives of authorities in one country should be able to attend the tax investigations in the other country. The purpose of the agreement is to increase the visibility and control of tax matters.

The Agreement shall apply to all types of taxes and include private individuals as well as companies. Information will be disclosed at the request of the other country's authority and the consequences of the agreement will make it harder for Swedes to withhold fortunes in Liechtenstein from the Swedish authorities.

"It is very much in Sweden's interests to sign agreements that prevent people from hiding away or moving wealth to a third country," says Jennie Nelson.
By Scancomark.se Team
 
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