Jersey Finance Delegation Visits Luxembourg

by Jason Gorringe, for LawAndTax-News.com, London

23 September 2003

It emerged earlier this month that a delegation from Jersey's finance industry recently visited Luxembourg in order to promote the Island there and to discuss issues of mutual concern, such as the European Union's Savings Tax Directive.

The promotional arm of the Channel Island jurisdiction's finance industry, Jersey Finance, was represented by chairman Pierre Horsfall CBE, and chief executive, Phil Austin. Presentations were made by the two men to local business people, the International Bankers Forum, and the Associations des Banques et Banquiers Luxembourg.

Speaking with regard to the visit, Mr Austin explained that:

"We welcome this opportunity to communicate Jersey's position on a number of key areas - in particular, the recent agreements in respect of the EU tax package and the likely fiscal changes that will follow as a result."

He went on to add that: "Although Luxembourg is a competitor of Jersey in a number of areas, there is also business done between the two jurisdictions and we have been pleasantly surprised at the keen level of interest in our visit."

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