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Luxembourg hands over tax deal details

LUXEMBOURG agreed today to give European Commission officials a list of hundreds of companies with which it has tax deals.

The low-tax territory has done a U-turn over the release of the data, after originally threatening to take the EU to court in a bid to keep the multinationals’ names secret.

But Prime Minister Xavier Bettel said his country would now comply with the commission’s demands.

“If the rules are the same for everyone, we are really not in a position to defy them,” Mr Bettel said.

Leaked documents showed last month that the small country — which has the highest per capita GDP in the EU — had tax deals with 400 multinationals.

Revelations included effective tax rates of less than 1 per cent for some firms.

According to the CIA, most banks are foreign owned and 40 per cent of its workers are cross-border or foreigners.

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