Word: luxembourg
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...much as on its economy, Neun Live will launch a game show this fall in which the top prize is ... a job. The concept is imported from Argentina, where the show was an instant hit. BOTTOM LINES "They are treating Switzerland like an alpine Iraq." Jean-Claude Juncker, Luxembourg's Prime Minister, on E.U. states threatening to sanction Switzerland for refusing to share information about E.U. citizens' bank accounts "We worship at the feet of J.K. Rowling." Jeff Bezos, Amazon.com CEO, on how the Harry Potter books helped the company make its first profit in a year of dot.com disaster...
...heart of the dispute is an E.U. directive, finally agreed to last year after more than a decade of work, that aims to curb tax evasion through an exchange of tax information among member states. Prompted by Luxembourg and Austria?two tax havens within the E.U. that are particularly concerned about a flight of capital from their banks?Brussels is asking the Swiss to help out. It wants Switzerland, which is not an E.U. member, to automatically provide information to tax authorities about bank accounts held by E.U. residents...
Unprecedented, perhaps, but still unacceptable to Brussels. E.U. officials say the withholding tax would pose significant bureaucratic problems as member states try to figure out who should receive how much of the money that is withheld. Politically, it?s just not enough for Luxembourg and Austria...
...more unified pan-European fiscal system, and end the anomaly of tax havens within the E.U. Germany in the 1990s saw how damaging capital flight could be when it instituted a special withholding tax on savings to pay for reunification, sparking an exodus of billions of marks to neighboring Luxembourg. Tax evasion is not a criminal offense in Switzerland, and the Swiss say they have good systems for preventing it at home: they levy a hefty 35% withholding tax on dividend and interest income for their own citizens...
...17th Duke of Norfolk; in Henley-on-Thames, England. As holder of the office of earl marshal, the duke was the country's senior nobleman. His duties included organizing the annual state opening of Parliament by the Queen. DIED. PIERRE WERNER, 88, the former Prime Minister of Luxembourg who in 1970 conceived the idea for a single European currency; in Luxembourg. SENTENCED. OLEG KALUGIN, 67, in absentia, to 15 years in a maximum security prison for passing state secrets to the U.S.; in Moscow. Kalugin was found guilty of undermining national security for disclosing state secrets in his 1994 book...