Luxembourg Conforms To OECD Guidelines

by Ulrika Lomas, Tax-News.com, Brussels

18 March 2009

Luxembourg’s Budget and Treasury Minister Luc Frieden announced on March 13 that Luxembourg intends to conclude OECD-convention double tax treaties with OECD member states, thereby providing for the exchange of information in cases where there is solid evidence of the perpetration of a tax crime.

The minister’s statement outlined areas where Luxembourg intends to adjust its position with regards to tax information exchange:

“In the light of recent developments by a number of countries, in close consultation with other jurisdictions who operate banking secrecy, the Luxembourg government has made the following decision:

  • Firstly, Luxembourg has decided to conclude bilateral double tax avoidance treaties according to the model convention of the OECD. Luxembourg therefore will exchange tax information upon request in specific cases where there is concrete evidence of a tax crime;
  • OECD rules do not cover banking secrecy, therefore Luxembourg will maintain its banking secrecy in order to maintain its depositors’ privacy.”

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