As Jean-Claude Juncker bids farewell, new EU executive begins with scrutiny over Luxembourg tax
BRUSSELS - Officials from the new European Commission will discuss an International Monetary Fund study that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive’s helm.
Jean-Claude Juncker, Luxembourg’s prime minister from 1995 to 2013, ends his five-year mandate as commission president on Saturday. He is not accused of any wrongdoing. “FDI of this size hardly reflects brick-and-mortar investments in the minuscule Luxembourg economy,” the IMF report says, arguing that much of the flow goes to “empty corporate shells” which reduce tax revenues in other countries.
Other tax havens listed by the IMF report are Ireland, another EU state, Hong Kong, the British Virgin Islands, Bermuda, Singapore, the Cayman Islands, Switzerland and Mauritius.
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