According to some of Liechtenstein government officials, despite the fact that the associations underlined the need for further savings measures to be studied before major taxes are introduced, they were united in admitting that taxes must be raised, and that it is navoidable.
During the various talks, the Prime Minster said that the government has a egal obligation that is embedded in the budget law to present to parliament in May 2013, in a report that outlines the various initiatives that should be implemented in Liechtenstein to lower the CHF 52m by the end of 2016.
But if the Liechtenstein government desires to submit the budget reports to lawmakers on time, the necessary preparations must be made in this legislative period. The Prime minster said that the course must be set and the reports must be drafted now.
The Prime Minster of Liechtenstein, the banking associations, and the country high level government officials have both agreed that revenue measured would be implemented that have already been approved by the government, and they must provide a framework for the government bill aimed at amending the present law. Some of the rules are in place, they just need to be implemented and enforced by the government.
This was first discussed back in September in the form of a draft consultation report. The bill provides various policies and measures aimed at increasing tax revenues in Liechtenstein. This is due to be examined by parliament in December.
The bill now provides an increase in wealth and individual income tax. The bill does this by adjusting the lower and middle tariffs in a way that ensures that the tax burden is the same as the country old law. Furthermore, the introduction of an extra 8% tax rate has already been agreed upon, in addition with the plans to increase the endowment tax rate.
