タックス・ヘイブン：ルクセンブルグの記事3本（財務大臣の寄稿）
"A new ambition for taxation in Europe" written contribution of finance minister, Luc Frieden
www.gouvernement.lu
18-01-2010
On January 18, 2010, a written contribution from Finance Minister Luc Frieden, has been published in several European newspapers, namely in Le Figaro, Financial Times Deutschland and Expansion.
Under the headline "A new ambition for taxation in Europe", Luc Frieden decides on the current debates on taxation of savings income and on the fight against tax evasion.
***** *****
A new ambition for the European Tax
by Luc Frieden, Minister of Finance of the Grand Duchy of Luxembourg
The economic and financial crisis with the consequent large public deficits and concern for the European Monetary Union, has reignited the debate about taxes in Europe.
This week, we, the Finance Ministers of the European Union, to discuss new taxation of savings income and a more effective fight against tax evasion.
European, I wish a serene and objective debate on how best to tax revenues in a Europe where cross-border transactions have become daily.
I note with regret that there is little in our discussion, reflection on general taxation in Europe, fair taxation and the effectiveness of some mechanisms, such as withholding tax applicable to certain financial products .
Moreover, besides a debate limited to the taxation of savings, vague and ambiguous terms have emerged, often without those who use these terms always know the definition or merge with a healthy tax competition.
There is confusion between tax havens and bank secrecy, between fiscal transparency and fair taxation.
But what strikes even more is that among the proposed solutions in Europe, they rarely take into account the proper functioning of the single market in financial services and the necessary strengthening of financial activities in the European Union.
The question that confronts us, responsible for public finances in Europe, is how to benefit our businesses and citizens of the single market, a source of prosperity and economic development, while ensuring fair taxation.
This requires work on several tracks and discuss in particular the establishment of a European tax, a withholding tax on certain income uniform, minimum taxation directly and indirectly, some coordination in trim and healthy tax competition, and common international standards in the fight against tax evasion.
While our citizens have a direct link with their national budget through taxes and state spending that affect their daily lives, this is not the case for the budget of the European Union, which is also funding a number of projects of public importance.
It would be useful to rethink the financing of the EU budget by a European tax levied on certain services or products and would be directly assigned to the European budget.
By the transboundary nature of some activities, a European environmental tax, such as a carbon tax or a levy on certain financial transactions would be particularly suitable for this purpose.
Financial services should operate like any other services in the European Union.
Today, financial products are treated differently and often non-transparent manner for the citizen who wants to enjoy the single European market.
The rates vary.
Also many European countries do not practice for the automatic exchange of information between banks and tax authorities within their country while the system applies when the citizen puts his money outside of his country.
Europe calls for a more effective solution.
That is why I plead for withholding discharge of twenty-five per cent on a wide range of incomes, are being taken in part transferred to the country of origin of the income beneficiary.
The EMU does not provide tax harmonization, but common criteria for the objectives in the budget, inflation and public debt.
Each state is free to determine the level of taxes in accordance with its needs and its policy choices.
Obviously, there must be agreement on certain rules of healthy tax competition.
In this context, it seems more appropriate to establish minimum rates (and therefore no rate maxima) on taxation, as we have done successfully in Europe as regards VAT and excise duties.
Corporate taxes and certain categories of income such as dividends, royalties or remuneration exceptional lend themselves to such a type of minimum, provided there is political will to move forward on EU tax.
Finally, cooperation in the fight against tax evasion, we need international rules to ensure uniform taxation of income and avoid capital relocation.
Luxembourg supports the strict and uniform international standards to the OECD on exchange of information on request and has signed with its major economic partners of bilateral implementing mechanisms desired by the G-20 .
This mechanism, as outlined elsewhere OECD, is not incompatible with banking secrecy as Luxembourg applies it as necessary to protect the privacy of citizens.
However, we feel cons-productive, as desired by the European Commission and some states to establish between the Member States of the European Union a system of spontaneous exchange of information between banks and tax authorities at European Union, while only an exchange request in specific cases would be applied by the rest of the world.
This will lead to some relocation of capital from the European Union and sought tax revenue would become impossible.
Luxembourg, a country deeply committed to the idea of Europe and a major financial centers in Europe which is characterized by the international dimension of its financial products and services will play an active role in the development of a European tax strategy.
A re-nationalization of financial markets weaken Europe to the world and offer fewer choices to our citizens.
Seek complementarity, discussing our public deficits, fiscal justice and efficiency of our tax systems.
Whole and not in antagonism.
Private banking: what future?
lequotidien.editpress.lu
20/01/2010 08:57:00 20/01/2010 08:57:00
The Grand Duchy had to bow to international pressure on bank secrecy.
Lawyers from Allen & Overy are concerned about certain provisions of tax treaties signed by Luxembourg.
Severely hit, private banking is not necessarily according them convicted.
(From our reporter Camille Leroux)
With sixty agreements in total, Luxembourg has been a good network, "says Jean Schaffner, tax lawyer partner at Allen & Overy.
A forced ranking, just to get out of both the gray list of the OECD on tax havens and the collimator G20.
A bill is under discussion to guide the procedures for exchanging information between tax authorities.
If the lawyers of Allen & Overy recognize that conventions offer guarantees sufficiently large, they have reservations about the remedies available to the taxpayer.
"It is better to regulate the rights of defense, insisted Mr. Schaffner.
The taxpayer should be directly informed of the procedure, and not his bank, and information should be kept confidential.
"Notice that the lawyer hopes to hear from agencies that can influence the law.
Getting involved in the law: foreign clients of private banks, although they placed in the spotlight.
Refuge ideal "dentist Belgian or German butcher in the 80s and 90s," says Andrew Marc, a lawyer banking partner at Allen & Overy, private banking is changing.
"The average age of clients is 67 years.
And very often in cases of death, the account is liquidated and the money divided among the heirs.
"A true" erosion "private banking reached by counsel, even if another 40 to 60% of investments that it manages are still "quiet", that means offshore.
A structural erosion which may be accelerated by the announcement of the end of bank secrecy.
Between customers soldent their behalf for distribution to their children and those who want to benefit from the tax amnesty as in Italy, banks will have to restructure.
"Most large banks will survive, smaller risk of disappearing," says Marc.
Need for Renovation and creativity
And banks are also tempted to reduce the number of customers of modest size, "often seen as fiscally not honest" to preserve their reputation.
Besides pressure from governments on local banks, especially when they have received aid.
"Today, many banks want to sell or dispose of their private banking activities.
Even Germany plans to close its Landesbanken in 2010, "warns the lawyer.
Private banking looks set to be "much smaller" in the future and could weaken other activities such as international credit and asset management in general.
Among the potential buyers, not many people.
Other banks are also under pressure.
As for private equity funds (non-financial securities listed on a market), they have "never bought a bank in Luxembourg, martèleMe Marc.
And for good reason: the CSSF is more demanding, especially as seen from abroad, the "flexibility of its prudential supervision has been described as lax during the crisis," said the lawyer.
What solution then for private banking?
"We must achieve a political compromise in the sense of a withholding tax at source harmonized, as proposed by the Finance Minister, suggested the lawyer.
"And investing in more sophisticated products, attention to rules and inheritance tax imposed on our customers." In short, find the "creativity" that projected the Luxembourg financial market in the vanguard of Europe.
Tax Evasion: Luxembourg debate is "extremely limited" in the EU
lequotidien.editpress.lu
19/01/2010 11:31:00 19/01/2010 11:31:00
The European debate on taxes, which currently focuses on issues of fighting against fraud for which the Luxembourg blocks a series of agreements is too limited, expressed regret on Tuesday Minister of Finance of the Grand Duchy, Luc Frieden.
"I think the debate is extremely limited, focusing only on taxation of savings and the fight against tax fraud, without discussing general aspects of taxation," lamented Mr. Frieden, arriving at a meeting with his EU counterparts.
"I think the debate leads nowhere," he said.
Luxembourg paralyzed for several months with Austria a series of European tax reforms, to which both countries would still oppose Tuesday.
They include a draft agreement symbolic of the EU to cooperate against tax evasion with Liechtenstein.
The Grand Duchy of Luxembourg is one of the few European states to maintain even a form of banking secrecy, and would like to keep.
He agreed in 2009 to ease in bending the rules of the Organization for Economic Cooperation and Development (OECD) regarding the exchange of tax information upon request.
But he refuses to go further and apply automatic exchange of information on savings income of non-residents, as practiced by almost all EU countries.
Only Luxembourg, Austria and Belgium had won in 2005 not to participate and be content instead of a withholding tax on income from savings placed with them.
"If the EU ever wants to go further, I think it is also important that other countries apply the automatic exchange of information" in the world, "because otherwise there is not (...) the same conditions everywhere, "which could lead to" outsourcing of financial activities to Asia, "the minister said.
In an article published Monday in Le Figaro, Mr. Frieden had already complained about the lack of "general reflection on Taxation in Europe".
www.gouvernement.lu
18-01-2010
On January 18, 2010, a written contribution from Finance Minister Luc Frieden, has been published in several European newspapers, namely in Le Figaro, Financial Times Deutschland and Expansion.
Under the headline "A new ambition for taxation in Europe", Luc Frieden decides on the current debates on taxation of savings income and on the fight against tax evasion.
***** *****
A new ambition for the European Tax
by Luc Frieden, Minister of Finance of the Grand Duchy of Luxembourg
The economic and financial crisis with the consequent large public deficits and concern for the European Monetary Union, has reignited the debate about taxes in Europe.
This week, we, the Finance Ministers of the European Union, to discuss new taxation of savings income and a more effective fight against tax evasion.
European, I wish a serene and objective debate on how best to tax revenues in a Europe where cross-border transactions have become daily.
I note with regret that there is little in our discussion, reflection on general taxation in Europe, fair taxation and the effectiveness of some mechanisms, such as withholding tax applicable to certain financial products .
Moreover, besides a debate limited to the taxation of savings, vague and ambiguous terms have emerged, often without those who use these terms always know the definition or merge with a healthy tax competition.
There is confusion between tax havens and bank secrecy, between fiscal transparency and fair taxation.
But what strikes even more is that among the proposed solutions in Europe, they rarely take into account the proper functioning of the single market in financial services and the necessary strengthening of financial activities in the European Union.
The question that confronts us, responsible for public finances in Europe, is how to benefit our businesses and citizens of the single market, a source of prosperity and economic development, while ensuring fair taxation.
This requires work on several tracks and discuss in particular the establishment of a European tax, a withholding tax on certain income uniform, minimum taxation directly and indirectly, some coordination in trim and healthy tax competition, and common international standards in the fight against tax evasion.
While our citizens have a direct link with their national budget through taxes and state spending that affect their daily lives, this is not the case for the budget of the European Union, which is also funding a number of projects of public importance.
It would be useful to rethink the financing of the EU budget by a European tax levied on certain services or products and would be directly assigned to the European budget.
By the transboundary nature of some activities, a European environmental tax, such as a carbon tax or a levy on certain financial transactions would be particularly suitable for this purpose.
Financial services should operate like any other services in the European Union.
Today, financial products are treated differently and often non-transparent manner for the citizen who wants to enjoy the single European market.
The rates vary.
Also many European countries do not practice for the automatic exchange of information between banks and tax authorities within their country while the system applies when the citizen puts his money outside of his country.
Europe calls for a more effective solution.
That is why I plead for withholding discharge of twenty-five per cent on a wide range of incomes, are being taken in part transferred to the country of origin of the income beneficiary.
The EMU does not provide tax harmonization, but common criteria for the objectives in the budget, inflation and public debt.
Each state is free to determine the level of taxes in accordance with its needs and its policy choices.
Obviously, there must be agreement on certain rules of healthy tax competition.
In this context, it seems more appropriate to establish minimum rates (and therefore no rate maxima) on taxation, as we have done successfully in Europe as regards VAT and excise duties.
Corporate taxes and certain categories of income such as dividends, royalties or remuneration exceptional lend themselves to such a type of minimum, provided there is political will to move forward on EU tax.
Finally, cooperation in the fight against tax evasion, we need international rules to ensure uniform taxation of income and avoid capital relocation.
Luxembourg supports the strict and uniform international standards to the OECD on exchange of information on request and has signed with its major economic partners of bilateral implementing mechanisms desired by the G-20 .
This mechanism, as outlined elsewhere OECD, is not incompatible with banking secrecy as Luxembourg applies it as necessary to protect the privacy of citizens.
However, we feel cons-productive, as desired by the European Commission and some states to establish between the Member States of the European Union a system of spontaneous exchange of information between banks and tax authorities at European Union, while only an exchange request in specific cases would be applied by the rest of the world.
This will lead to some relocation of capital from the European Union and sought tax revenue would become impossible.
Luxembourg, a country deeply committed to the idea of Europe and a major financial centers in Europe which is characterized by the international dimension of its financial products and services will play an active role in the development of a European tax strategy.
A re-nationalization of financial markets weaken Europe to the world and offer fewer choices to our citizens.
Seek complementarity, discussing our public deficits, fiscal justice and efficiency of our tax systems.
Whole and not in antagonism.
Private banking: what future?
lequotidien.editpress.lu
20/01/2010 08:57:00 20/01/2010 08:57:00
The Grand Duchy had to bow to international pressure on bank secrecy.
Lawyers from Allen & Overy are concerned about certain provisions of tax treaties signed by Luxembourg.
Severely hit, private banking is not necessarily according them convicted.
(From our reporter Camille Leroux)
With sixty agreements in total, Luxembourg has been a good network, "says Jean Schaffner, tax lawyer partner at Allen & Overy.
A forced ranking, just to get out of both the gray list of the OECD on tax havens and the collimator G20.
A bill is under discussion to guide the procedures for exchanging information between tax authorities.
If the lawyers of Allen & Overy recognize that conventions offer guarantees sufficiently large, they have reservations about the remedies available to the taxpayer.
"It is better to regulate the rights of defense, insisted Mr. Schaffner.
The taxpayer should be directly informed of the procedure, and not his bank, and information should be kept confidential.
"Notice that the lawyer hopes to hear from agencies that can influence the law.
Getting involved in the law: foreign clients of private banks, although they placed in the spotlight.
Refuge ideal "dentist Belgian or German butcher in the 80s and 90s," says Andrew Marc, a lawyer banking partner at Allen & Overy, private banking is changing.
"The average age of clients is 67 years.
And very often in cases of death, the account is liquidated and the money divided among the heirs.
"A true" erosion "private banking reached by counsel, even if another 40 to 60% of investments that it manages are still "quiet", that means offshore.
A structural erosion which may be accelerated by the announcement of the end of bank secrecy.
Between customers soldent their behalf for distribution to their children and those who want to benefit from the tax amnesty as in Italy, banks will have to restructure.
"Most large banks will survive, smaller risk of disappearing," says Marc.
Need for Renovation and creativity
And banks are also tempted to reduce the number of customers of modest size, "often seen as fiscally not honest" to preserve their reputation.
Besides pressure from governments on local banks, especially when they have received aid.
"Today, many banks want to sell or dispose of their private banking activities.
Even Germany plans to close its Landesbanken in 2010, "warns the lawyer.
Private banking looks set to be "much smaller" in the future and could weaken other activities such as international credit and asset management in general.
Among the potential buyers, not many people.
Other banks are also under pressure.
As for private equity funds (non-financial securities listed on a market), they have "never bought a bank in Luxembourg, martèleMe Marc.
And for good reason: the CSSF is more demanding, especially as seen from abroad, the "flexibility of its prudential supervision has been described as lax during the crisis," said the lawyer.
What solution then for private banking?
"We must achieve a political compromise in the sense of a withholding tax at source harmonized, as proposed by the Finance Minister, suggested the lawyer.
"And investing in more sophisticated products, attention to rules and inheritance tax imposed on our customers." In short, find the "creativity" that projected the Luxembourg financial market in the vanguard of Europe.
Tax Evasion: Luxembourg debate is "extremely limited" in the EU
lequotidien.editpress.lu
19/01/2010 11:31:00 19/01/2010 11:31:00
The European debate on taxes, which currently focuses on issues of fighting against fraud for which the Luxembourg blocks a series of agreements is too limited, expressed regret on Tuesday Minister of Finance of the Grand Duchy, Luc Frieden.
"I think the debate is extremely limited, focusing only on taxation of savings and the fight against tax fraud, without discussing general aspects of taxation," lamented Mr. Frieden, arriving at a meeting with his EU counterparts.
"I think the debate leads nowhere," he said.
Luxembourg paralyzed for several months with Austria a series of European tax reforms, to which both countries would still oppose Tuesday.
They include a draft agreement symbolic of the EU to cooperate against tax evasion with Liechtenstein.
The Grand Duchy of Luxembourg is one of the few European states to maintain even a form of banking secrecy, and would like to keep.
He agreed in 2009 to ease in bending the rules of the Organization for Economic Cooperation and Development (OECD) regarding the exchange of tax information upon request.
But he refuses to go further and apply automatic exchange of information on savings income of non-residents, as practiced by almost all EU countries.
Only Luxembourg, Austria and Belgium had won in 2005 not to participate and be content instead of a withholding tax on income from savings placed with them.
"If the EU ever wants to go further, I think it is also important that other countries apply the automatic exchange of information" in the world, "because otherwise there is not (...) the same conditions everywhere, "which could lead to" outsourcing of financial activities to Asia, "the minister said.
In an article published Monday in Le Figaro, Mr. Frieden had already complained about the lack of "general reflection on Taxation in Europe".
"タックス・ヘイブン：ルクセンブルグの記事3本（財務大臣の寄稿）" へのコメントを書く