Officials from the new European Commission will discuss a report by Internationa...
BRUSSELS - Officials from the new European Commission will discuss a report by International Monetary Fund researchers that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive’s helm.
Jean-Claude Juncker, Luxembourg’s prime minister from 1995 to 2013, ends his five-year mandate as commission president on Saturday. He is not accused of any wrongdoing. “FDI of this size hardly reflects brick-and-mortar investments in the minuscule Luxembourg economy,” the IMF report says, arguing that much of the flow goes to “empty corporate shells” which reduce tax revenues in other countries.
“A few well-known tax havens host the vast majority of the world’s phantom FDI,” the IMF study said, adding that Luxembourg and the Netherlands, another EU state, absorb nearly half of the $40 trillion FDI, thanks to attractive tax policies and other sweeteners.
France Dernières Nouvelles, France Actualités
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