However, given that banks have opted for more careful behaviour since the beginning of the outbreak, they have also made fewer profits, Marx emphasised.
When it comes to future changes in the financial world, everyone’s attention is currently focused on a specific announcement that was recently made during a G7 summit: the introduction of a minimum global corporate tax rate of at least 15%.
A deal that Marx welcomes: “I personally only see benefits for the image of Luxembourg, given that we are often called a tax haven. We haven’t been one for a very long time, and I am not really sure if we have ever been one in the first place. Anyhow, the deal will now benefit multinationals operating out of Luxembourg, such as Amazon, as they also lose the stigma of not wanting to pay taxes.”
The tax initiative, which was pushed by US President Joe Biden, was also welcomed among Luxembourgish politicians. MP Laurent Mosar (CSV), vice president of the Chamber’s finance and budget commission, does not see a danger that the 15% tax rate will drive multinationals away from the Grand Duchy: “The deal only works if the tax rate is really applied globally, meaning that there is no place to escape it.” MP André Bauler (DP) also agreed with the assessment.
Nevertheless, a number of questions surrounding the final implementation of the tax remain open, as MP Mosar noted: “What exactly are we going to tax? So far, not a lot of information has been provided, which tells me that it will still take a considerable amount of time until the actual introduction of the tax.”
