Luxembourg no more grey-listed by OECD
Further to the commitment of Luxembourg government of March 13, 2009 to comply with the OECD (Organization for Economic Cooperation and Development) recommended standards in the matter of international exchange of information for tax purposes, Luxembourg Treasury Minister, Mr Luc Frieden announced on July 8, 2009 that the country has amended twelve double tax treaties in order to make them in line with the aforementioned internationally agreed tax standards.
Luxembourg is, therefore, one of the first financial centers to be removed from the, so-called, “grey list” and has been promoted to the "white list" of countries that comply with international tax cooperation standards.
OECD secretary-general Angel Gurria commended 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”. He also added: “I look forward to other countries following the example that Luxembourg has set”.
