30 mai 2011

EFTA Court applies the State aid concept to tax reductions, and strikes the Liechtenstein tax paradise

The EFTA Surveillance Authority attacked Liechtenstein for its tax policy that had previewed capital tax from 0,1 to 0,05 % for captive insurance companies, while the normal rate had been 0,2 %.

The tax reduction condition was subjected to the capacity to provide the minimum guarantee fund of € 2.3 million, for captive insurance undertakings, and € 3.2 million for captive reinsurance undertakings with the possibility of reduction to an amount of at least € 1.1 million (if the relevant supervisory authority permits). According to the EFTA Court (Liechtenstein, REASSUR AG, Swisscom RE AG v EFTA SA, E-4/6/7-10), this means that the option of forming a captive insurance company was not open to any undertaking (§§ 78-79). And, therefore, this was a State aid.

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