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The government of Luxembourg has "resolutely" rejected new allegations against the financial center and the country's tax policy.
A statement published on Monday said that reports from international media, including the “Süddeutsche Zeitung”, made “a number of unfounded allegations”.
Luxembourg's legislation is "in full compliance" with all EU and international regulations and transparency standards.
All international measures to combat tax abuse and tax avoidance would be applied.
The "Süddeutsche Zeitung" reported that the EU countries lost more than ten billion euros in tax revenue every year because of Luxembourg's financial policy.
The "tax haven Luxembourg" allows large corporations and wealthy people "with all sorts of tricks" to move billions of profits "to the tax haven Luxembourg".
No "harmful tax system or tax practices"
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This could be done, for example, through loans or licenses, for which a company based in Luxembourg must be paid.
A transparency register hardly provides more clarity.
Luxembourg is still an “attractive financial center” for minimizing taxes.
"Neither the EU nor the OECD have identified a harmful tax system or harmful tax practices in Luxembourg," says the government's statement.
There is no favorable tax regime for multinational or digital companies.
Luxembourg is "aware of its responsibility as an international financial center": Financial supervision has been strengthened in recent years.
Luxembourg rejects "the completely unjustified representation of the country and its economy".