Luxembourg Minister of Budget Luc Frieden concluded a new tax agreement with Dutch State Secretary of Finance Jan Kees de Jager on 29 May. The agreement will provide for the exchange of information in tax matters between the two countries in accordance with the OECD standard.
A statement from Luxembourg’s Ministry of Finance said that the protocol, which amends the existing double tax convention of May 8,1968, provides for the exchange of information on request in individual cases between the tax administrations of both countries. It applies to tax years 2010 and following and has no retroactive effect. The agreement does not seek an automatic exchange of bank information and does not allow for general inquiries, or so called ‘fishing expeditions’.
Luxembourg has now concluded six such agreements for the exchange of information in tax matters, one with the United States in May, and another with France and Denmark in early June, as well as agreements with Bahrain and India.
In a statement State Secretary De Jager has praised Luxemburg for its cooperative attitude towards information exchange, he commented:
“If all countries on the so-called grey list of the OECD make an effort to exchange information, the era of banking secrecy for tax matters nears its end. I will continue to strive for worldwide transparency in tax data and an easy exchange of data between the countries.”
State Secretary De Jager also revealed that the Netherlands is to conclude more such agreements soon. Negotiations are in progress with countries such as Austria, Belgium, Switzerland, Bermuda, Liechtenstein and the Cayman Islands.
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