Finance Minister Gramegna Met Austrian Counterpart

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On February 11 the finance minister of Luxembourg, Pierre Gramegna, met his counterpart from Austria, Michael Spindelegger. The ministers welcomed the start of negotiations of the European Commission with non-EU European countries concerning their accession to the EU rules of information exchange on non-residents income taxes.

Luxembourg and Austria determine their accession to the relevant EU Directive by substantive progress on this issue in the negotiations with Switzerland, Liechtenstein, Andorra, Monaco and San Marino. Thus, these two countries are seeking to ensure the equal competitive conditions and to protect their banking platform from the outflow of deposits.