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.
The economic downturn and the financial turmoil are intensifying fiscal pressures. In the longer-term, progress towards fiscal sustainability and improving the quality of the public finances remain priorities.
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Why tax is important for development. Article by Jeffrey Owens, Director of the Centre for Tax Policy and Administration. Tax Justice Focus, Volume 4 no 4, January 2009.
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On the face of it, taxation and domestic resource mobilisation might be low on the list of today’s priorities. Yet even in these difficult times, there are compelling reasons for putting tax at the top of the development agenda.
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AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND LIECHTENSTEIN ON TAX
On 17-18 November 2008, the OECD held a consultation with business commentators on comparability and profit methods for transfer pricing purposes.
Some 16 new bilateral agreements on exchange of information for tax purposes signed this week between OECD countries and the British Virgin Islands, Guernsey and Jersey mark an important step forward in efforts to bring greater transparency to cross-border financial transactions.
OECD consults on its project on high net wealth individuals
On October 15, OECD will publish the 2008 edition of its annual Revenue Statistics, which presents detailed comparable tax data in a common format for all OECD countries from 1965 onwards.
The Isle of Man and the United Kingdom announced that they have signed a bilateral agreement for the exchange of information for tax purposes, bringing to 11 the number of such agreements entered into by the Isle of Man.