U.S. Signs Tax Agreement with Liechtenstein in Move to Root Out Tax Evasion

By Matt Squire

The United States and Liechtenstein have signed a tax information exchange agreement that would give U.S. authorities more leverage in finding American tax evaders. The agreement allows for the exchange of information in cases when a U.S. taxpayer with assets in Liechtenstein is suspected to be involved in a tax offense, and provides for "greater bilateral cooperation on matters related to tax offenses," said the Liechtenstein Embassy in a statement issued Wednesday. The Internal Revenue Service will also extend the "qualified intermediary" status of Liechtenstein financial institutions for an unspecified term beyond their Dec. 31, 2008 expiration date, under the...