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Luxembourg Maintains Stance On AEI

by Ulrika Lomas, Lowtax.net, Brussels
10 December, 2013

Following its first gathering, Luxembourg's new Government has clarified its stance on automatic exchange of information (AEI).

In preparation for the upcoming ECOFIN and European Council meetings later this month, Luxembourg's freshly elected ministers discussed the Grand Duchy's position on AEI, given that plans to revise the European Union Savings Tax Directive will be at the top of the political agenda in Brussels.

Commenting, Luxembourg's Finance Minister Pierre Gramegna made clear that the new Government's stance will be "identical" to that of the outgoing Government, under former Prime Minister Jean-Claude Juncker. Luxembourg therefore intends to maintain its commitment to move to an automatic exchange of information from January 1, 2015, Finance Minister Gramegna stressed.

Furthermore, the incoming Government insists that the conditionalities invoked by the former Government, with regard to plans to expand the scope of the Savings Tax Directive, are to be respected. The previous Luxembourg Government had emphasized that the idea of extending the scope of the Directive would be discussed in the light of bilateral negotiations between the European Commission and Switzerland, Monaco, San Marino, Andorra, and Liechtenstein.

Given that the European Commission has still not initiated talks with the five third countries in question, it will simply not be possible for the present Luxembourg Government to waive these conditionalities, Finance Minister Gramegna ended.

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