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Legal Services New legal obligations for domestic legal entities
In order to combat money laundering and terrorist financing, it was decided - in implementation of the 4th EU Money Laundering Directive - that a register should be established in Liechtenstein in which legal entities must register their beneficial owners. The Act on the Register of Beneficial Owners of Domestic Legal Entities (VwEG) entered into force on 1 August 2019. For existing legal entities, the necessary data must be reported to the Office of Justice by the end of January 2020 at the latest. New legal entities must enter the data in the register within 30 days of their entry.
Sponsoring Main sponsor of the Future Masters 2019 Golf Tournament
Grant Thornton Switzerland/Liechtenstein was the main sponsoring partner at this year's "Future Masters" golf tournament for the second year in a row. The "Future Masters" tournament was held on Saturday, 27 July 2019 at the Golf Club Bad Ragaz. The 18-hole Championship Course has been a member of the "World of Leading Golf" since 2018 and stretched passionate golfers to the limit. Surrounded by an impressive mountain panorama, the impeccably kept park in Bad Ragaz offered an unforgettable golfing experience. The Golf Clinic - the beginners' course on the driving range - was available to all the "not-yet golfers" on the day of the tournament. After the tournament, an entertaining supporting programme awaited the participants in the gladys restaurant along with a culinary evening menu.
legal services Termination of an indefinite individual employment contract
Swiss labor law is in many cases more flexible and liberal than the labor law regulations in other European countries. Liechtenstein has adopted the Swiss regulations on employment contract law (Art. 319 et seq. Swiss Code of Obligations (CO)) practically one-to-one (§ 1173a Art. 1 et seq. Liechtenstein Civil Code (ABGB)). The liberal character of Swiss and Liechtenstein labor law is reflected in particular in the regulations governing the termination of an employment relationship. In practice, however, there are often uncertainties in connection with dismissals. The following summary provides a brief overview of some of the frequently asked questions.
tax Say goodbye to the arm’s length principle
The G20 has endorsed the The Organisation for Economic Co-operation and Development’s (OECD’S) roadmap for resolving the ‘tax challenges arising from the digitalisation of the economy’. The reallocation of profits and minimum tax proposals that have emerged following a recent round of consultations could put an end to the arm’s length principle that has governed transfer pricing for decades.
tax Taxing the digital economy
Governments and tax authorities are scrambling to keep pace with the increasing digitisation of the global economy and public outcry over the levels of corporate tax being paid by large multinational enterprises (MNEs).
tax § 165 (5) StGB: Substance for tax purposes
The legal provisions on money laundering were extended in Liechtenstein on 1 July 2019 and now also include tax fraud and qualified tax evasion, even if this leads merely to a tax saving and not to an actual inflow of capital. Those affected will now face the challenge of proving that no possible tax saving has been made. For legal entities with foreign participants that have little substance in Liechtenstein, providing adequate evidence may pose a particular challenge.
Business Risk Services Internal audit hot topics
Technology is continuing to advance at a rapid rate, bringing new growth opportunities for organisations around the world. While it enables new commercial models and supports emerging business areas, it brings additional pressure for established organisations to keep up to date. These advances create new challenges for risk management, and organisations must be more alert than ever around emerging risks. In this document we set out the top ten technology risks, which audit committees should seek to gain assurance over.
GRANT THORNTON Switzerland/LIECHTENSTEIN The future of leadership
Global business is facing a wave of disruptive influences that look set to spark the Fourth Industrial Revolution. We explore how the way professionals work is evolving, the leadership skills that will be needed within the dynamic mid-market to thrive, and how organisations can stay competitive in the war for talent and customers in 2030.
Business Risk Services 361° IT Assessment
Your company can no longer afford to not have a clear IT strategy or have manual processes, unclear roles and responsibilities, poorly defined support processes or a lack of an overview or cost structure of third-party providers. In an increasingly digital and fast-moving world, it is important to be efficiently positioned in the area of IT so that both employees and customers see well-functioning and cost-efficient IT as being added value.