While the report lauded Luxembourg’s efforts to “address the deficiencies identified in its previous report published in 2015 with regard to bearer shares, access to banking information and the monitoring of new EOI [expression of interest] practices on access to information and confidentiality,” it said the country can do more.
Concerning cooperation, Luxembourg responded to over 2,300 requests during the review period from 1 October 2014 to 30 September 2017. The report said it could do more to improve the “the timeliness of its responses, and ensure that it devotes sufficient resources to its EOI activities.”
The report also raised the matter of the availability of beneficial ownership information on Luxembourg stock companies and partnerships and the application of rights and safeguards of taxpayers.
Finance Minister Pierre Gramegna (DP) said in a press statement released on Tuesday: “I am delighted that the World Forum has recognised Luxembourg's efforts in the area of tax transparency. This rating reinforces Luxembourg's reputation as a reliable and cooperative partner, which contributes to the competitiveness of its financial centre at the global level.”