The government of Liechtenstein signed the OECD MCAA on Country-by-Country Reporting (CbCR) on 27/01/2016. Drafted by the G20 countries and the OECD as part of the BEPS project, this multilateral regulator agreement on corporate taxation is considered the new standard of minimum requirements. The government adopted the consultation on the BEPS package on 26/02/2016, which is to incorporate the following points with regard to the implementation of anti-BEPS measures:
- Introduction of the correspondence principle for intra-corporate dividends to avoid double non-taxation
- Introduction of country-by-country reporting for corporations with revenue of EUR 750 million or more
- Transfer pricing rules (documentation requirements for large enterprises)
- Transition rules for the existing IP Box scheme up until the end of 2020
- Inclusion of the word "ruling" in tax law (SteG) as well as provisions on costs and legal consequences
Attractive and competitive tax law forms the basis for tax-optimised asset structuring. The planned BEPS actions (measures) directly influence the parameters of the structuring business. Changing the parameters due to BEPS negatively impacts the structuring business. Greater DTA access for asset-managing structures is mandatory, and may not be rendered impossible by virtue of BEPS. Introduction of the correspondence principle for structures and limitation-on-benefits (LOB) clauses that deny asset management entities DTA access is a "killing issue". In-depth knowledge of national and international tax frameworks has become essential for tax-optimised asset structuring. Asset structuring for trustees has thus become even more complex on the whole. The processes for implementing AIA due diligence requirements are in full swing.