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Top five stories you may have missed
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Top five stories you may have missed

2 min. 05.02.2022 From our online archive
In case you missed them the Luxembourg Times has selected the best stories of the week for you
The EU wants holding companies to prove they were not set up solely for tax purposes
The EU wants holding companies to prove they were not set up solely for tax purposes
Photo credit: Guy Wolff

Exclusive: Tax office hiring hundreds to cope with new EU rules  

Luxembourg's tax office is bracing for a tidal wave of added paperwork as the EU forces companies to disclose more data to prove they are not hiding money, planning to hire some 500 new employees over the next five years.

A new campaign from Brussels would force thousands of holding companies to prove they have material activities in Luxembourg, after a series of investigations by reporters accused corporates and wealthy people alike of dodging taxes using opaque legal structures across Europe.

EIB needs better grip on cash it hands out, groups say  

The European Investment Bank needs drastic change to prevent the billions it lends across the world from harming the environment or human rights, a group of critics said, just as the EU bank seeks a bigger role in financial diplomacy.

On Wednesday, the board of directors of the bank are scheduled to discuss a revamp of the social and sustainability standards the EIB applies when lending out around €65 billion each year to countries across all continents, as Europe seeks to promote Western standards and gain influence abroad.

LuxLeaks whistleblower appeals loss at human rights court  

LuxLeaks whistleblower Raphael Halet on Wednesday appealed a decision by the European Court of Human Rights upholding his criminal conviction in Luxembourg for passing on confidential tax documents.

The hearing before the court's Grand Chamber of 19 judges will consider again whether Halet's freedom of expression was violated by his conviction and fine for disclosing tax documents about his former employer's clients, the court said in a press release. The court's ruling will come later.

Last rites for the LuxTrust token?  

The days of frantically searching for a misplaced LuxTrust token to complete an online transaction could soon be coming to an end, with several of the country’s major banks signalling that the infamous handheld gadget will be phased out in favour of an online app.

BNP Paribas has begun switching away from the physical token, transferring customers to the online app since last April, while Raiffeisen, Spuerkeess and Banque Internationale à Luxembourg have indicated its use of the physical token will eventually end - although a firm date has not been set.  

Bettel cancels university degree in plagiarism scandal  

Prime Minister Xavier Bettel gave up his postgraduate degree on Tuesday, months after a journalistic investigation found that he had plagiarised the overwhelming majority of the work.

"After careful consideration, I have made the decision for myself to ask the University to rescind my DEA," Bettel said, referring to a research degree completed after a masters, usually seen as preparation for a PhD. 

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