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Luxembourg ratifies 20 OECD compliant exchange of information protocols and treaties and defines the new rules of the game
On 17 March 2010, the Luxembourg Parliament approved 12 exchange of information protocols as well as 8 double tax treaties that have recently been signed. At the same time, the procedure applicable to exchange of information upon request was adopted. Taxand Luxembourg review the latest changes and waht to expect.
All in all, the procedure is far from being clear and Luxembourg professionals and clients will be required to live through a period of uncertainty before all open issues have been solved in practice.
Nevertheless, Luxembourg has taken a decisive step towards adopting the minimum OECD standards in regards of cooperation between foreign tax authorities. Whether this will be enough for its EU and G20 partners remains to be seen.