?TK |
6 March 2013
Brussels, March 5 (CTK) - The finance ministers of Luxembourg and the Czech Republic signed Tuesday an agreement on preventing double taxation which replaces the agreement of 1991.
The document, signed by Luc Frieden and Miroslav Kalousek on the sidelines of a regular meeting of finance ministers of the European Union, also seeks to prevent income and property tax evasion.
The new agreement provides for "exchange of information on all taxes including banking information," the Czech Finance Ministry said in a statement.
"Luxembourg has a very strong financial sector and exchange of information between the tax authorities will boost the fight against tax evasion in both countries," said Kalousek.
The 1991 agreement has no longer corresponded to the "current political, economic but primarily tax conditions," the ministry said.
The right to income and property tax collection will be shared in an objective manner by both states under the new agreement which also lays down the basic forms of cooperation of the two countries' relevant bodies, said the statement.
The agreement will be submitted to parliament for ratification.
Luxembourg is seen as a tax haven. Data of the agency Cekia show that owners of 1,173 domestic companies were based in Luxembourg last year.
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Source: http://praguemonitor.com/2013/03/06/%C4%8Dr-luxembourg-sign-agreement-preventing-double-taxation
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