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Luxembourg

Yearbook 1998

Luxembourg. At the EU Finance Minister's meeting in June, Luxembourg until now blocked the EU Commission's attempt to establish uniform rules for taxation of interest income in all 15 EU countries. According to Countryaah, the Commission had proposed that either a general tax of 20% be levied on all interest income for private individuals in the EU or that banks should be required to report all interest income to savers' respective home countries. L's Minister of Finance Robert Goebbels rejected both proposals, and since it required a unanimous decision from all 15 finance ministers, the issue had to be postponed.

1998 Luxembourg

Per capita, Luxembourg is one of the world's richest countries. Its stability and its favorable financial legislation have made the Little Duchy a center for international financial transactions. In the country there are over 220 banks, more than 70 other credit institutions and over 11,000 holding companies.

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