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 and thus crossing the threshold for being considered to have substantially implemented the internationally agreed standard in this area.
As a consequence, the Progress Report initially published by the OECD Secretariat on 2 April 2009 in conjunction with the G20 has been updated, and Luxembourg moves into the category of “Jurisdictions that have substantially implemented the internationally agreed tax standard.”
Having withdrawn its reservation to the OECD standard on exchange of information in March 2009, Luxembourg has shown rapid progress in updating its treaty network. Further negotiations are under way to update the exchange of information provisions in Luxembourg’s bilateral treaties.
Welcoming the recent signings, OECD Secretary-General Angel Gurría said: “I commend Luxembourg for its swift implementation of the OECD standards on exchange of information. In three months, Luxembourg has turned into reality its commitment to fully cooperate in tax matters. I would like to congratulate Minister Luc Frieden for his leadership in this process”.
Luxembourg is thus contributing to strengthen the very important process of transparency around the world, where dozens of other agreements are being signed by different jurisdictions.
Mr. Gurría added that the Luxembourg government had informed him me that in line with the spirit and purpose of this collective effort they intend to continue the process of negotiating agreements which meet the OECD standard.
Praising this approach, Mr. Gurría emphasised that while the threshold of 12 signed agreements is a good indicator of progress, “this should not be seen as just a numbers game. The threshold is not a ceiling. This is a dynamic process.”
“Luxembourg has shown that countries are increasingly prepared to enter into high quality agreements and to extend the network of treaties which meet the OECD standard,” Mr. Gurría added. “The process is working and I look forward to other countries following the example that Luxembourg has set.”
As a consequence, the Progress Report initially published by the OECD Secretariat on 2 April 2009 in conjunction with the G20 has been updated, and Luxembourg moves into the category of “Jurisdictions that have substantially implemented the internationally agreed tax standard.”
Having withdrawn its reservation to the OECD standard on exchange of information in March 2009, Luxembourg has shown rapid progress in updating its treaty network. Further negotiations are under way to update the exchange of information provisions in Luxembourg’s bilateral treaties.
Welcoming the recent signings, OECD Secretary-General Angel Gurría said: “I commend Luxembourg for its swift implementation of the OECD standards on exchange of information. In three months, Luxembourg has turned into reality its commitment to fully cooperate in tax matters. I would like to congratulate Minister Luc Frieden for his leadership in this process”.
Luxembourg is thus contributing to strengthen the very important process of transparency around the world, where dozens of other agreements are being signed by different jurisdictions.
Mr. Gurría added that the Luxembourg government had informed him me that in line with the spirit and purpose of this collective effort they intend to continue the process of negotiating agreements which meet the OECD standard.
Praising this approach, Mr. Gurría emphasised that while the threshold of 12 signed agreements is a good indicator of progress, “this should not be seen as just a numbers game. The threshold is not a ceiling. This is a dynamic process.”
“Luxembourg has shown that countries are increasingly prepared to enter into high quality agreements and to extend the network of treaties which meet the OECD standard,” Mr. Gurría added. “The process is working and I look forward to other countries following the example that Luxembourg has set.”
