The European Commission issued a release, welcoming a decision by the government of Luxembourg announcing that it will fully comply with the EC request for information on its tax rulings practice and patent boxes.
The EC release reflects statements from an EC Commissioner who states that with this announcement, the EC will no longer need to pursue infringement action against Luxembourg, and that:
We need to take action – and are taking action - to ensure companies pay their fair share of tax. I am committed to taking a structured and informed approach to address distortions of competition in the EU through unfair and selective tax advantages.
I hope and have every reason to assume that going forward my team and I will see good cooperation by the Luxembourg authorities and all other Member States in our efforts to tackle unfair tax avoidance.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.