01/03/21

LUXEMBOURG: Jurisdiction agrees to more transparency.

EU members have decided on new measures to promote tax transparency. Minister of the Economy, Franz Fayot, said Luxembourg would no longer block those efforts.

All companies with an annual revenue of more than €750 million will be required to disclose how much revenue and profits they generate and how much tax they pay in each country. This is done to highlight what companies are actively trying to avoid tax.

In the past the Luxembourgish government repeatedly rejected such proposals, but it is now supporting them in an effort to promote tax transparency.