This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-22089639
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Luxembourg to ease the secrecy surrounding its banks | Luxembourg to ease the secrecy surrounding its banks |
| (2 days later) | |
| Luxembourg has said it will ease the secrecy surrounding its banks. | Luxembourg has said it will ease the secrecy surrounding its banks. |
| It said it would implement rules on the automatic exchange of bank account information with its European Union partners from 2015. | It said it would implement rules on the automatic exchange of bank account information with its European Union partners from 2015. |
| Prime Minister Jean-Claude Juncker said Luxembourg would introduce the reforms in two years, in line with the EU Savings Directive. | Prime Minister Jean-Claude Juncker said Luxembourg would introduce the reforms in two years, in line with the EU Savings Directive. |
| The rules of the Directive are aimed at creating greater transparency and minimising tax evasion. | The rules of the Directive are aimed at creating greater transparency and minimising tax evasion. |
| Calls for a crackdown on bank secrecy have been increasing, as governments seek to raise more taxes to support their finances. | Calls for a crackdown on bank secrecy have been increasing, as governments seek to raise more taxes to support their finances. |
| "We can introduce [the rules] without any danger from January 2015," Mr Juncker said. | "We can introduce [the rules] without any danger from January 2015," Mr Juncker said. |
| Austria next? | Austria next? |
| Luxembourg is a country of only 500,000 people, but its banks and other financial institutions have assets worth more than 20 times the country's economic output. | Luxembourg is a country of only 500,000 people, but its banks and other financial institutions have assets worth more than 20 times the country's economic output. |
| Luxembourg's finance minister, Luc Frieden, said at the weekend that he wanted to "strengthen co-operation with foreign tax authorities". | |
| Last week, Germany signed a tax evasion treaty with Switzerland - another European banking centre known for its secrecy. | Last week, Germany signed a tax evasion treaty with Switzerland - another European banking centre known for its secrecy. |
| The treaty is designed to give the German tax authorities the ability to claw back taxes from their citizens who may be hiding money in Swiss banks. | The treaty is designed to give the German tax authorities the ability to claw back taxes from their citizens who may be hiding money in Swiss banks. |
| Luxembourg's announcement leaves Austria as the only European Union country not signed up to the EU Savings Directive. | Luxembourg's announcement leaves Austria as the only European Union country not signed up to the EU Savings Directive. |
| Austria's finance minister, Maria Fekter, said recently that she would "fight like a lion" to defend the country's banking secrecy regime. | Austria's finance minister, Maria Fekter, said recently that she would "fight like a lion" to defend the country's banking secrecy regime. |
| However, the country's Chancellor, Werner Faymann, indicated on Tuesday that change may have to come. | However, the country's Chancellor, Werner Faymann, indicated on Tuesday that change may have to come. |