Category: Luxembourg

Rand Paul in cross hairs of tax evasion war

When a bipartisan Senate panel last week lambasted Swiss bank Credit Suisse for helping rich Americans evade billions in taxes, some watching the high-profile hearing couldn’t help but notice an elephant in the room. That is, Sen. Rand Paul. The connection? Paul for years has single-handedly blocked an obscure U.S.-Swiss… – Continue reading

Austria takes harder line on bank secrecy

(Reuters) – Austrian Chancellor Werner Faymann on Wednesday demanded movement in European Union tax talks with Switzerland and other non-EU countries and linked this to whether Vienna will agree to automatically exchange data on cross-border savings. His remarks to reporters after he met Luxembourg Prime Minister Xavier Bettel appeared to… – Continue reading

Luxembourg: on-shore financial center with a commitment to privacy

Luxembourg has been widely hailed as an international investment center for years. The Association of the Luxembourg Fund Industry (ALFI) provides a number of reasons underlying the country’s designation as a top fund-industry choice. Its legal and regulatory framework for investment funds is recognized for its excellence by the global… – Continue reading

U.S. Expands Investigations Against Offshore Tax Evasion To India, Israel

WASHINGTON: The U.S. has expanded its action against tax cheaters to countries such as India, Israel and Liechtenstein, a top U.S. official told lawmakers. So far, the U.S. action was primarily focused against tax cheaters on Switzerland. Since 2009, the Department has publicly charged 73 account holders and 35 professionals… – Continue reading

UPDATE 1-China, UK discuss setting up yuan clearing bank in London – Osborne

HONG KONG, Feb 20 (Reuters) – The British and Chinese governments are in active discussions about setting up a clearing bank in London for China’s currency, a milestone that will put the city in a leading position to offer yuan trade business in Europe. Taking a leaf out of Hong Kong’s blueprint in being… – Continue reading

Worldwide: Luxembourg, Liechtenstein, Malta, Greece, Iceland And Colombia Commit To Automatically Share Tax Information

Back in April 2013, the G5 Governments agreed to work together on a pilot scheme on multilateral and standardized exchange of tax information, with a new initiative on information exchange, based on the so-called FATCA (Foreign Account Tax Compliance Act) exchange model. Luxembourg, Liechtenstein, Malta, Greece, Iceland and Colombia have… – Continue reading

Switzerland to back OECD tax treaty

It’s a u-turn, but unavoidable: bankers and politicians are preparing for the automatic exchange of tax information. Switzerland has helped develop the new standard, which the OECD wants to fast-track worldwide. The days when Swiss finance ministers said banking secrecy was non-negotiable and carved in stone are over. Switzerland has… – Continue reading

Guernsey: Guernsey And Jersey Issue Draft Guidance Notes For FATCA-Based Reporting

INTRODUCTION On 31 January 2014 the Crown Dependencies of Guernsey and Jersey jointly issued draft Guidance Notes (in conjunction with the Isle of Man) on the implementation of obligations arising under the intergovernmental agreements (“IGAs“) signed by each island with the UK in October 2013 and with the US in… – Continue reading

Luxembourg lining up for yuan quota

Luxembourg is lobbying Beijing for equal treatment with London, which was granted an investment quota last year allowing investors based there to invest their offshore yuan directly in the mainland’s securities markets. In an effort to capture a larger share of Europe’s offshore yuan business, top officials from the grand… – Continue reading

Austria slightly shifts position on banking secrecy

Finance Minister Michael Spindelegger had hinted that Austria might be happy to exchange data on bank account holders with EU countries even is similar agreements have not been finalised with Switzerland and Liechtenstein. Austria and Luxembourg had come under criticism in December after they previously said they will block EU… – Continue reading

Austria shows flexibility on bank secrecy

Feb 11 (Reuters) – Austria signalled on Tuesday flexibility on exchanging cross-border bank account data with fellow European Union members even absent a final EU accord with Switzerland. “As far as banking secrecy for foreigners goes, it is important for us that there are similar accords with neighbours like Switzerland… – Continue reading

Ireland in spotlight over multinationals

When Taoiseach Enda Kenny was grilled over Ireland’s low tax regime for multinationals on a visit to Paris last week, he fell back on a familiar defence. By now it’s a regular refrain – Ireland’s corporate taxes are crystal clear and transparent. Ours, he added, is a statute-based system which… – Continue reading

France will not tolerate tax avoidance, says Francois Hollande

France will not tolerate tax avoidance, says Francois Hollande French president Francois Hollande says that “everyone must be in the same competitive situation” French president Francois Hollande speaks during a press conference to present his 2014 policy plans at the Elysee presidential palace. Francois Hollande is making a state visit… – Continue reading