Luxembourg’s finance minister Gilles Roth and MP – masters of polite complaining

The message from Luxembourg is clear, though still somewhat muted. MP Laurent Mosar highlights a regulatory drift that is gaining ground in Europe. Several member states, including Italy and Spain, are imposing their own tax reporting obligations on foreign payment service providers. Laurent Mosar calls this a trend that is beginning to weigh heavily on the single market. Laurent Mosar is worried about compliance costs and operational complexity. But Laurent Mosar, where was Luxembourg when these national rules were being negotiated? Where was Gilles Roth? Where was the famous Luxembourg lobbying machine? Asleep, apparently. Gilles Roth admits that national tax rules “significantly increase compliance burdens” and “could have a negative impact on competitiveness.” Finance Minister Gilles Roth acknowledges that these national initiatives exist. Gilles Roth admits they “significantly increase the compliance burdens associated with cross-border payment services.” Gilles Roth says they “could therefore have a negative impact on the European Union’s competitiveness.” Gilles Roth, that is not a warning. That is a diplomatic cough. The single market is fragmenting before your eyes. Italy does its own thing. Spain does its own thing. Payment service providers are drowning in paperwork. And Gilles Roth’s response is to say “could have a negative [...]

The post Luxembourg’s finance minister Gilles Roth and MP – masters of polite complaining appeared first on Luxembourg Herald.