Luxembourg weathered the global economic crisis well, but must take additional steps to foster the diversification of the economy while ensuring the continuing health of its financial sector, according to the latest OECD Economic Survey of Luxembourg.
The Global Forum on Transparency and Exchange of Information for Tax Purposes has released peer review reports assessing the tax systems of 13 jurisdictions for information exchange.
As a further sign of international efforts to crack down on tax offenders, 12 more countries have signed, or committed to sign, the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. In addition, another 6 countries have ratified the Convention.
Luxembourg allocated 0.97% of its gross national income, or USD 413 million, to official development assistance in 2011.“Luxembourg is the Development Assistance Committee’ s third most generous donor as a portion of its economy – after Sweden and Norway – and it has a high quality programme” says Brian Atwood, Chair of the DAC. “We commend Luxembourg’s commitment to keeping its ODA at 1% of GNI until 2014”.
Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports.
Luxembourg must step up its efforts to detect and prosecute cases of bribery of foreign public officials, particularly now that its legal framework has been strengthened, in compliance with the Anti-Bribery Convention
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.
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.