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's Incoming Government Opposes EU FTT

Luxembourg's Incoming Government Opposes EU FTT

by Ulrika Lomas, Tax-News.com, Brussels

02 December 2013


Tasked with leading the formation of a future Government in Luxembourg, formateur Xavier Bettel recently presented an update on progress, and confirmed Luxembourg's clear rejection of a tax on financial transactions (FTT).

According to Bettel, Luxembourg's prospective coalition partners, the Democratic Party (DP), the Luxembourg Socialist Workers' Party (LSAP), and The Greens (Déi Gréng), have agreed that the future coalition Government will adopt the same FTT stance as the outgoing Government. Therefore, Luxembourg will continue to rule out the idea of such a tax, as currently envisaged by 11 European Union (EU) member states, within the framework of enhanced cooperation, Xavier explained.

Determined to boost the reputation of the Luxembourg financial center, the negotiating parties underlined their firm commitment to promoting a "clean" financial center, to end the negative image of the Grand Duchy as a so-called "tax haven," deemed uncooperative in tax matters. The key words are "stability, reliability, and quality," Xavier stressed.

Finally, the prospective governing parties pledged to pursue a policy aimed at diversifying the Luxembourg economy, and united on plans to reform the country's bankruptcy law.

A conclusive plenary meeting was set for November 29, with the discussions focussing notably on the public finances.

TAGS: compliance | tax | tax compliance | tax avoidance | law | tobin tax | Luxembourg | individual income tax | European Union (EU) | Europe | Work | Tax | Tax Evasion

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 »