Liechtenstein issues guideline for monitoring FATCA and CRS

On 26 March 2019, the Liechtenstein Tax Authority issued “Wegleitung für die FATCA- und AIA-Kontrolle im Jahr 2019“, which is a guideline addressing third party auditors for monitoring Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) compliance (Link-German).

The controls are carried out by the tax authorities or by independent third parties (Auditors or auditing companies) in accordance with the Tax Authority’s instructions. This guideline specifies the requirements and the procedure for carrying out the controls and explains the principles of the control procedures, the obligations of the independent auditors and the content of the control reports.

In addition, also on 26 March 2019, the Liechtenstein Tax Authority issued a model control report template for preparing inspection reports for trustees, trusts and persons engaged in activities under Art.180a PGR (Link-German).

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