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Juncker vows to get Luxembourg off tax haven “grey list”

Luxembourg will take steps to get itself removed from a "grey list" of countries singled out by the OECD for needing to improve their financial transparency standards, Prime Minister Jean-Claude Juncker said.

The Paris-based Organisation for Economic Co-operation and Development has placed Luxembourg on the so-called grey list of countries that have agreed to improve transparency standards but have not yet signed the necessary international accords.

“I find the treatment of certain states to be incomprehensible,” Juncker told reporters when asked to react to Luxembourg being put on the list, a copy of which Reuters obtained on Thursday.

“We will negotiate double-taxation agreements. When we do that we will disappear from this list,” he added on arrival for a meeting of euro zone finance ministers in Prague.

The Group of 20 leading industrialized and emerging nations on Thursday pledged to take action including sanctions against non-cooperative jurisdictions, including tax havens, using information from the OECD as its basis. (Reuters)