Luxembourg ready to banking information automatic exchange

Luxembourg ready to banking information automatic exchange

Luxembourg's Finance Minister Luc Frieden has recently clarified that Luxembourg is ready for an automatic exchange of tax information.

In an interview with Frankfurter Allgemeine Sonntagszeitung, Frieden emphasized that an automatic exchange of banking information becomes an international trend. Luxembourg is going to step up cooperation with foreign tax authorities, Frieden said.

Reacting to criticism that Luxembourg is called a "tax haven" or jurisdiction uncooperative in tax matters, Finance Minister Frieden said that the countries’ banking system completely corresponds with all EU and OECD regulations on money-laundering and tax evasion. Moreover, the minister pointed out that Luxembourg does not trust customers "who are eager to hide their income from taxation."

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