nt is to introduce a uniform taxation of interest payments received and has been in force in the EU since July 2005. There is no applicability for investors from outside the EU. Luxembourg introduced a withholding tax which initially would be payable at the rate of 15%. ILuxembourg being an EU company has had to make some concessions over recent years regarding bank secrecy. They of course have had to implement the know your customer rules as every bank has had to do.

Luxembourg has a 30% corporate tax rate. Most of you should move on right at this point.

Luxembourg has entered into double taxation treaties with 22 nations. This is a negative. We like to see a complete absence of tax treaties which is the case with Panama. Tax treaties are a warning sign for fishing expeditions, wholesale or limited.

Luxembourg has bearer share companies but they are restricted in some ways as to make them less desirable. Bearer share companies must have their share capital all paid up as evidenced by a bank receipt for the payment. This is not the case in Panama. The bearer share must then be held by a fiduciary trust and the trustee will by law have to follow the know your customer rules and now the ownership privacy has potentially been violated. This is a burden that is not imposed by Panama.

There is an EU Directive whose intent is to introduce a uniform taxation of interest payments received and has been in force in the EU since July 2005. There is no applicability for investors from outside the EU. Luxembourg introduced a withholding tax which initially would be payable at the rate of 15%. In

on right at this point.

Luxembourg has entered into double taxation treaties with 22 nations. This is a negative. We like to see a complete absence of tax treaties which is the case with Panama. Tax treaties are a warning sign for fishing expeditions, wholesale or limited.

Luxembourg has bearer share companies but they are restricted in some ways as to make them less desirable. Bearer share companies must have their share capital all paid up as evidenced by a bank receipt for the payment. This is not the case in Panama. The bearer share must then be held by a fiduciary trust and the trustee will by law have to follow the know your customer rules and now the ownership privacy has potentially been violated. This is a burden that is not imposed by Panama.

There is an EU Directive whose intent is to introduce a uniform taxation of interest payments received and has been in force in the EU since July 2005. There is no applicability for investors from outside the EU. Luxembourg introduced a withholding tax which initially would be payable at the rate of 15%. I

imited.

Luxembourg has bearer share companies but they are restricted in some ways as to make them less desirable. Bearer share companies must have their share capital all paid up as evidenced by a bank receipt for the payment. This is not the case in Panama. The bearer share must then be held by a fiduciary trust and the trustee will by law have to follow the know your customer rules and now the ownership privacy has potentially been violated. This is a burden that is not imposed by Panama.

There is an EU Directive whose intent is to introduce a uniform taxation of interest payments received and has been in force in the EU since July 2005. There is no applicability for investors from outside the EU. Luxembourg introduced a withholding tax which initially would be payable at the rate of 15%. I

arer share must then be held by a fiduciary trust and the trustee will by law have to follow the know your customer rules and now the ownership privacy has potentially been violated. This is a burden that is not imposed by Panama.

There is an EU Directive whose intent is to introduce a uniform taxation of interest payments received and has been in force in the EU since July 2005. There is no applicability for investors from outside the EU. Luxembourg introduced a withholding tax which initially would be payable at the rate of 15%. I

nt is to introduce a uniform taxation of interest payments received and has been in force in the EU since July 2005. There is no applicability for investors from outside the EU. Luxembourg introduced a withholding tax which initially would be payable at the rate of 15%. In the year 2008 this rate will be raised to 20% in 2008 and to 35% in 2011. Here is the BOMB Luxembourg pays 75% of this withheld tax to the income tax authority in the investor’s country of residence, but without naming the investor from whom this tax has been deducted. Does this make you feel comfortable? For more nonsense it is written that the investor can in his country of residence tax filings claim this amount as prepaid tax in his income tax declaration. Wait it gets even more absurd. An EU resident may instead of paying withholding taxes to Luxembourg can authorize the bank to disclose tax information to the taxation authorities in their home country. Does this sound like an offshore tax haven? It should be pointed out here that an EU resident may, instead of paying withholding tax in Luxembourg, authorize their bank to disclose information concerning their bank account to the income tax authority in their country of residence. Does this sound like an offshore tax haven and privacy jurisdiction – of course not. Best look elsewhere.