On April 28 Luc Frieden, treasury minister, announced that Luxembourg had reached agreement on the details of an accord with the USA to modify their 1996 Double Taxation Treaty after negotiations in Washington the previous weekend.
This accord will allow for exchange of tax relevant information between the tax authorities on demand for specific cases determined in accordance with the agreement.
This agreement is the first to be concluded since Luxembourg announced it would implement OECD standards of information exchange on March 13, 2009. As a financial hub for the region, it had been under considerable pressure, especially from its neighbours Germany and France, to conform to these standards.
The accord will be signed in the coming days, as soon as the USA has completed certain formalities.
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