L-R: Yuriko Backes, Luxembourg's Minister of Finance; Pascal Saint-Amans, Director of the OECD Centre for Tax Policy & Administration; Credit: MFIN

On Tuesday 11 January 2022, Yuriko Backes, the newly appointed Minister of Finance of Luxembourg, met with Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration of the Organisation for Economic Co-operation and Development (OECD), to discuss the current state-of-play of the international tax reform and the next steps in its implementation.

In October 2021, 137 countries and jurisdictions agreed to the plan to reform international tax rules with a two-pillar model and a global minimum tax rate of 15%.

Finance Minister Yuriko Backes commented: "I am glad to have had this first fruitful exchange with Pascal Saint-Amans here in Luxembourg. We remain fully committed to the efforts of the OECD towards a fairer taxation of companies at the global level. Together with the EU as well as the OECD, Luxembourg will strive for a swift implementation of the global tax reform".

Pascal Saint-Amans added: "I am very happy I met Yuriko Backes, whom I wish all the best in her new role as Finance Minister. Luxembourg has been very constructive in its engagement on tax with the OECD and actively supported the international tax deal concluded recently. I very much look forward to continuing to work with Luxembourg as we move towards implementation".

Both Yuriko Backes and Pascal Saint-Amans took part in the conference "The new international tax framework and its impact on the Luxembourg tax policy" in the Luxembourg Chamber of Commerce, organised by the Union des entreprises luxembourgeoises (UEL). In her opening speech, Minister Backes highlighted that the OECD tax reform provides a coherent and standardised set of rules in which a healthy global tax competition can take place, thus ensuring a level playing field that is in the interest of open economies such as Luxembourg. She stated: "Global tax rules will help put the spotlight on Luxembourg's many advantages. As a stable, triple-A rated country with an open and diversified economy, Luxembourg has all the assets to stay attractive and competitive in the years ahead".