Jean-Claude Juncker, the prime minister of Luxembourg declared that the Grand Duchy of Luxembourg will adopt the automatic exchange of information foreseen in the European Union Savings Directive and that will effect from first January 2015. The exchange of information automatically in tax issues will be strictly limited to an exchange of information among competent tax authorities of government.
A part of the European Union directive has already been adopted into Luxembourg law as a result of legislation passed in March 2013. The former government submitted a bill to the Parliament in October 2013 aims at amending the law of March 2013 by transposing the second part of the European Union directive into tax law of Luxembourg and initiates an automatic exchange of information on certain income source.
