News

The Luxembourg Government takes note of the publication of a series of articles in the international press concerning alleged informal tax rulings and so-called 'information letters', and refutes the numerous allegations on tax ruling practices in Luxembourg and more specifically the gratuitous claim that there would be some kind of administrative practice involving so-called 'information letters'

The International Monetary Fund (IMF) praises the Grand Duchy for its handling of the COVID crisis.

Finance Minister Pierre Gramegna personally attended the Eurogroup meeting and the informal Ecofin summit in Lisbon on 21 and 22 May.

Luxembourg welcomes the judgment of the General Court of the European Union in the Amazon EU SARL case, which confirms that the tax treatment of the taxpayer in question under the tax rules applicable at the time does not constitute State aid.

Interview with Pierre Gramegna in Delano

Luxembourg/Kuala Lumpur (5 October 2020) – The Alliance of Financial Inclusion (AFI) has launched its Europe Representative Office (ERO) in the City of Luxembourg, the first office in Europe for the world's leading organization on financial inclusion policy and regulation.

Luxembourg has just successfully issued its first sovereign sustainability bond. Based on the new sustainability bond framework, presented on 2 September 2020, this €1.5 billion bond will contribute to finance and refinance sustainable projects.

Luxembourg becomes the first European country to launch a Sustainability Bond Framework. This innovative framework, which meets the highest market standards, is also the first in the world to fully comply with the new recommendations of the European taxonomy for green financing.

On 25 June 2020, Pierre Gramegna, Minister of Finance of Luxembourg formally submitted his candidacy for the office of the President of the Eurogroup.

Today, the Prime Minister, Minister of State, Xavier Bettel, has made a statement at the Chamber of Deputies about the Government's measures to face COVID-19. This was followed by a statement by the Minister of Health, Paulette Lenert.

In the context of the crisis linked to the spread of COVID-19, the Government has decided to enact a series of fiscal measures to support legal entities and natural persons. The main objective of these measures is to alleviate the financing and liquidity needs of companies and self-employed persons who are heavily impacted by the current economic restrictions.

On 10 February 2020, the Prime Minister, Minister of State, Xavier Bettel, received Michel Barnier, Head of Task Force for Relations with the United Kingdom, at the Château de Senningen. The Minister of Foreign and European Affairs, Jean Asselborn, and the Minister of Finance, Pierre Gramegna, also attended the meeting.

The economic mission to the United Arab Emirates (UAE), chaired by HRH the Hereditary Grand Duke and led by the Deputy Prime Minister, Minister of the Economy, Étienne Schneider, and in the presence of the Minister of Finance, Pierre Gramegna, concluded with a day dedicated to Luxembourg's presence at Expo 2020 Dubai, which will take place from 20 October 2020 to 10 April 2021.

On the second day of the economic mission, chaired by H.R.H. the Hereditary Grand Duke, the Deputy Prime Minister, Minister of the Economy, Etienne Schneider, signed with the Minister of the Economy of the United Arab Emirates (UAE), Sultan bin Saeed Al Mansouri, a cooperation agreement establishing a regular and quasi-institutional economic dialogue.

The United Arab Emirates (UAE) and Luxembourg both pursue a policy of economic diversification: While the Grand Duchy wishes to become less dependent on the financial sector, the UAE aims to gradually reduce the share of hydrocarbons in its national economy.