The tax authority has presented the technical specifications for the automatic exchange of information (AEOI) that will come into force into 2017. Liechtenstein is among the first countries to introduce the AEOI.
Liechtenstein is one of around 50 so-called early adopter countries, which are implementing the automatic exchange of information (AEOI) for tax information according to OECD standards. Liechtensteins banks and insurance companies, as well as certain investment companies, will submit a statement in 2017 related to the fiscal year of 2016. The tax authority will then forward the information in the statement to the responsible foreign tax administrations.
The tax authority has now revealed the technical requirements for the reporting process. For reporting analogues concerning the Foreign Account Tax Compliance Act (FATCA), a so-called Einzelmeldemaske (individual reporting form) and an XML-Upload should be used, according to the statement. These correspond to the requirements of the OECDs official CRS standards and the additional XML specifications set out by the tax authority.
The specifications are already available to view on the tax administrations website. Anyone interested in becoming an AEOI reporting office can register with the tax authority provisionally as of January 2017. The deadline for the first registrations is 30th June 2017.