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Luxembourg Reiterates Firm Stance On AEI

by Ulrika Lomas, Lowtax.net, Brussels
03 February, 2014

During a meeting with European Union (EU) Tax Commissioner Algirdas Šemeta, Luxembourg's Finance Minister Pierre Gramegna reiterated the Grand Duchy's stance on automatic exchange of information (AEI), underlining the need once again to ensure a "level playing field" for all.

In the talks, Gramegna and Šemeta discussed the problems of progressively moving towards an AEI, both in the European Union and at international level. In this context, Finance Minister Gramegna made clear Luxembourg's commitment to transferring progressively to automatic information exchange, provided that the same conditions apply in other major financial centers in Europe and across the world.

Furthermore, Finance Minister Gramegna stressed the importance of close collaboration between the EU and the OECD, to develop a "coherent" standard at global level, thereby minimizing implementation costs, both for the private sector and for the public sector.

Finally, Šemeta and Gramegna exchanged views on the introduction of a financial transactions tax, and on the problem of base erosion and profit shifting, which leads to the undesirable situation of non-taxation.

In a separate meeting with OECD General Secretary Angel Gurria, Luxembourg's Foreign Affairs Minister Jean Asselborn also emphasized that the Grand Duchy remains "resolutely committed" to transparency and information exchange in tax matters.

Alluding to the efforts made by the Luxembourg Government over the course of the last three years to increase compliance, Foreign Affairs Minister Asselborn concluded by outlining the additional measures that the Government intends to take in this area shortly.

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