Luxembourg to Improve Financial Sector

Luxembourg to Improve Financial Sector

Luxembourg’s Finance Minister Luc Frieden underlined the need to strengthen and improve the country’s financial sector to ensure that the jurisdiction remains "credible and competitive."

In this respect the Luxembourg government plans to initiate discussions with the US regarding implementation of the Foreign Account Tax Compliance Act (FATCA), by the third quarter of the year at the very latest. According to Frieden, Luxembourg will have to redefine the principle of banking confidentiality. Although it is essential to maintain confidentiality and to protect client information, it is also essential to guarantee an efficient cooperation with other tax administrations in the exchange of information to fight against tax evasion.

Frieden also explained, that although Luxembourg must adapt to international developments in terms of tax compliance, the country’s financial center must also become more competitive. The financial center is the engine of the country’s economy and a third of gross domestic product and fiscal revenues flow from the financial sector.

Accepting the importance of diversifying the Luxembourg economy, the minister underlined the need to strengthen the financial sector at the same time, stating that the two approaches are clearly not mutually exclusive. The government will make every effort to ensure that the financial center is able to create new jobs and more revenues by making it more competitive.

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