Liechtenstein parliament passes new tax deal with US

Liechtenstei parliamentGeneva  - Liechtenstein's parliament passed a deal signed late last year with the United States meant to facilitate the transfer of information on tax matters, a government statement said Thursday.

The new Law on administrative assistance in tax matters will allow for information exchange upon "justified request" by the US tax authority.

"The request must contain the identity of the US taxpayer and the underlying fact pattern," the government said.

Parliament in Vaduz passed the bill on Wednesday night. It will enter into force in January, to be in effect for the 2009 tax year.

Liechtenstein and many other so-called tax havens, including neighbouring Switzerland, have started to renegotiate their double taxation accords to allow for greater transparency following pressure from major economic powers.(dpa)

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