Let's Hear It For Luxembourg

Why does Luxembourg want to deny that's it's a "tax haven"? "Profiting 'fiscally' from other countries." Well, we know why: because in dying Europe it's not politically correct to compete against other countries any more, so Luxembourg has to pretend that it doesn't have an advantageous tax regime. But it does! And its efforts to cling on to that regime are the reason for giving it a prize. While pretending otherwise, Luxembourg is engaged in fighting a rearguard action against the extension of the Savings Tax Directive and AEI (automatic exchange of information). It refuses, quite correctly, to give in to the EU's demands for a much more encompassing Directive until all of its competitor nations (Switzerland, Singapore, Hong Kong etc) sign up to similar rules, which hopefully will never be the case. Let's be clear: people should pay their… Read More »