The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes has awarded Luxembourg a “largely compliant” rating in its newly released report on compliance ratings on tax transparency.
Following an extensive peer review process, Luxembourg was recognized for its efficient implementation of internationally agreed transparency standards for tax purpouses. Luxembourg thus shares the same rating as the United States, United Kingdom, Germany, and Italy, among others.
This ranking is also a recognition of Luxembourg’s commitment to greater tax transparency and its contribution to achieving this goal, as documented by the fact that it is one of the early adopters of the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, the so-called Common Reporting Standard (CRS).
The global trend towards transparency is a further opportunity for Luxembourg’s community of financial professionals to demonstrate its unique expertise in international finance by offering compliant solutions that address clients’ cross-border needs.