22/03/19

LUXEMBOURG: Jurisdiction deemed "largely compliant" in tax transparency.

As published on publicfinanceinternational.org, Thursday 21^st March, 2019.

On Monday, the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes published seven peer review reports assessing compliance, including on Luxembourg.

Whilst Luxembourg is renowned for being a tax haven, the OECD's Global Forum has deemed that the Grand Duchy is "largely compliant" in tax transparency, a move celebrated by the Minister of Finance, Pierre Gramegna.

Gramegna praised the government's efforts towards tax transparency following this international recognition.

Luxembourg was reviewed alongside Hong Kong, Liechtenstein, the Netherlands, North Macedonia, Spain, and the Turks and Caicos Islands, all of whom were praised for having "demonstrated their progress on the deficiencies identified in the first round of reviews, including improving access to information, developing broader EOI [exchange of information] agreement networks, monitoring the handling of increasing incoming EOI requests."

Luxembourg improved its deficiencies outlined in 2015. Now, Luxembourg is classified at the same level of compliancy in tax transparency as Belgium, the Netherlands, and Germany.