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OECD Anti-Bribery Convention and Luxembourg: Report on Progress of the implementation of the Phase 2bis Recommendations since March 2008.
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External links to: recent economic data; current interest rates and exchange rates; latest macroeconomic reports; current outlook and projections; government budget information; speeches; relevant sites.
Luxembourg has signed a protocol to its double taxation convention with Norway, bringing to 12 the number of agreements it has on exchange of information for tax purposes.
The Aid for Trade at a Glance 2009: Maintaining Momentum report presents the results of the second monitoring exercise of the Aid for Trade Initiative and documents its success so far.
Luxembourg has signed an agreement for the exchange of bank information on request in all tax matters with the U.S., marking a major step forward in international efforts to counter tax evasion.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
Since the last review in 2004, Luxembourg has reformed its energy policies across all sectors, has fully liberalised its electricity and natural gas markets, and is actively participating in the development of the evolving Central West European regional electricity system. Luxembourg has also prepared a broad action plan on energy efficiency, improved the support system for renewable energy sources and revised taxes to mitigate climate change.
The country’s energy policy in the coming decade will be shaped by the EU 2020 targets that call for substantial reductions in greenhouse gas emissions, and strong increases in renewable energy and energy efficiency. These targets will be hard to meet, given that roughly half of energy-related CO2 emissions come from transport fuel use by foreign truckers and motorists, and that Luxembourg’s potential for producing much more renewable energy is limited.
Luxembourg is heavily dependent on oil. Although oil sources are well diversified by country of origin, more than 85% of oil stocks are held in neighbouring countries and often based on short-term leasing contracts. This leaves the country vulnerable to potential oil supply disruptions. Luxembourg should swiftly implement a plan to improve the security of oil supply.
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This note, taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2009, contains information about the progress in implementing reforms in line with the 2008 priorities for Luxembourg.
Luxembourg is today one of the main international centres for investment funds. Besides the sector’s direct and indirect employment effects, the most important effect is the large tax revenue generating capacity of the sector, accounting directly for over 20% of aggregate tax revenues.