CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Luxembourg Rejects Savings Tax Compromise

Luxembourg Rejects Savings Tax Compromise

by Ulrika Lomas, Tax-News.com, Brussels

12 December 2002


EU Trade Commissioner, Pascal Lamy announced on Tuesday that the proposals put forward by the Swiss government in an attempt to reach a compromise over the European bloc's savings tax directive are 'quite substantial', and revealed that negotiations have reached a stage that is 'worth pursuing'.

Despite this, however, Luxembourg's Prime Minister and Finance Minister, Jean-Claude Juncker rejected the Swiss offering at a behind-the-scenes meeting on Tuesday, at which representatives from the Danish presidency, Belgium, Austria and Luxembourg attempted to reach agreement ahead of Wednesday's Ecofin meeting of EU finance ministers.

Mr Juncker told reporters that the Swiss voluntary information exchange and withholding tax offer is 'neither equivalent, nor equal' to the European Union's original plan for the taxation of non-resident savings interest.

'Luxembourg will stick to its position tomorrow,' he told listeners on Tuesday, referring to the special ECOFIN meeting which had been hastily arranged in a last-ditch attempt to present an agreed deal to the end-of-presidency summit taking place in Copenhagen today.

A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »