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After months of discussion and international pressure, the Member States of the European Union reached an agreement recently on the exchange of information between tax authorities - a crucial issue for the future of the financial industry and some 7,000 direct jobs in Private Banking in Luxembourg. The exchange of information on request is becoming the benchmark in a globalized economic market. The request for an exchange of information could be based either on the double tax treaties or on the (proposed) directive on administrative cooperation in the field of taxation, once entered into force. The (proposed) directive on administrative cooperation in the field of taxation should come into force as from 1 January 2013. This will cover the exchange of information on request (which may...
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