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"Luxembourg isn't a tax haven anymore" confirmed Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration of the OECD

"Luxembourg isn't a tax haven anymore" confirmed Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration of the OECD

  • United Kingdom
  • State aid - State aid
  • Tax planning and consultancy - Briefings

27-06-2019

Luxembourg fully respects the tax rules and is not dragging its feet!

On Monday 24 June, a meeting was held in Luxembourg between Pierre Gramegna, the Luxembourg Finance Minister, and Pascal Saint-Amans, the Director of the Centre for Tax Policy and Administration of the Organization for Economic Co-operation and Development (OECD).

Discussions focused on the latest developments in international taxation, including the challenges relating to the digitalization of the economy.

Pascal Saint-Amans highlighted the progress made by Luxembourg over the past five years in terms of tax transparency and with respect to the implementation of the BEPS Action Plan.

"Today, Luxembourg fully respects the rules and is not dragging its feet" Mr. Saint-Amans said.

This confirmation by Pascal Saint-Amans is a welcome acknowledgement of the efforts of Luxembourg to ensure that it no longer bears the characteristics of a tax haven.

Pascal Saint-Amans also noted that, despite being a small and open economy, the fact that Luxembourg is willing to stay competitive is a constructive sign for Europe and the OECD.

The recent global approach to tax regulations will in time lead to better harmonization of international tax rules. Tax is no longer the key driving element of an economic transaction, but is only a part of a jurisdiction’s competitiveness.

This is a major step for the Luxembourg financial centre, with  each party, including government, authorities, the financial industry, having contributed over the five past years to this transition.

Having just implemented ATAD and the Multilateral Instrument (MLI), Luxembourg is continuing the pace of change with the upcoming transposition of DAC6 and ATAD 2.

How can we help you ?

If you would like to discuss this or any other State aid investigations with us please contact our specialists Olivier Gaston-Braud and Marion Zeller, tax law experts, via the contact details below.

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