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The switch to the automatic exchange of information comes as no surprise and it made sense that finance minister Luc Frieden made this announcement now». These are the words of ABBL Chairman Ernst Wilhelm Contzen at a press conference after the general meeting of the Luxembourg’s Bankers’ Association (ABBL).
The chairman of the ABBL named reasons why he fully supports Minister Frieden’s announcement that Luxembourg will apply the automatic exchange of information and thus give up the withholding tax model.
During a press conference, Mr Contzen reminded the audience of journalists that since he became the chairman of the ABBL three years ago, he has been strongly advocating a tax compliant business model: the only sustainable standard for the financial...
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