Tax Evasion - Liechtenstein Vows to Address Tax Evasion Issue  

Tax Evasion - Liechtenstein Vows to Address Tax Evasion Issue

The issue of tax evasion is one that authorities in countries throughout Europe are increasingly focusing on and Liechtenstein has vowed to do its part to stem the tax evasion that had become prevalent in their country.

According to a report on Reuters, Liechtenstein's banks have vowed to do more to address the tax evasion that many experts had suggested had become rampant in the country due to its tax haven image. Liechtenstein had come under fire from various European nations, most notably Germany, amidst reports that they were facilitating large levels of tax evasion by not having the requisite level of transparency within their banking systems which are put in place by most European nations to guard against tax evasion. According to the report on Reuters, however, this is an issue that Liechtenstein's government and banking institutions aims to address in order to make tax evasion in their country a thing of the past. Liechtenstein is now suggesting they will be much more co-operative with other leading European countries about bank accounts held in their principality in order to ensure that they are not being misused; most notably in terms of tax evasion.

Tax Evasion - Vagueness Still Apparent

Whilst Liechtenstein has vowed to be more co-operative in the fight against tax evasion, they stopped short of actually explaining what measures they'll be taking to prevent tax evasion, according to the report on Reuters. The head of the Liechtenstein principality, Prince Alois von und zu Liechtenstein, merely stated that they would find 'sensible solutions' to overcome the issue of tax evasion in their country. The secrecy of the Liechtenstein banking industry had made it a popular choice for those engaged in tax evasion but this is something that they are hoping to remedy as they aim to appease the other European nations which had grown displeased with the extent of tax evasion in the country.

Tax Evasion - Changing Tide

According to the report on Reuters, it is important that Liechtenstein addresses its onshore banking systems in order to bring them in line with other major countries and, in doing so, reduce the risk of tax evasion. Speaking to Reuters, Prince Alois von und zu Liechtenstein, states, "We must seize the opportunity to show the world ... that the whole financial industry can be successful when we strengthen cooperation in tax questions." Obviously, tax evasion is a crime that is difficult to stop completely as it offers involves the need for extensive levels of evidence in order to be proven but if more countries follow Liechtenstein's lead and increase the transparency of their banking institutions, then the fight against tax evasion will become a good deal easier.

Speak to Gilbert Tax about Tax Evasion

Gilbert Tax are tax specialists who specialise in resolving tax investigations and disputes. Offering efficient, friendly and cost effective solutions to tax problems, Gilbert Tax are pleased to provide assistance with issues ranging from tax evasion to VAT fraud. With over 60 years of combined experience in the industry, Gilbert Tax offer unparalleled service that will get to the bottom of tax discrepancies and disputes. To find out more about tax evasion and the range of services provided by Gilbert Tax, just call 0800 734 3333 or email scott.gilbert@gilberttax.co.uk

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