Friday, Nov. 17, 1967
"As befits a tiny country in the Ardennes hills between France and Belgium, the Grand Duchy of Luxembourg has long been a hospitable tourist center of quiet pastoral charms.
Luxembourg law allows a foreign company incorporated there to transfer freely any funds under its control to its parent company, without any public disclosure. Dividends, too, can be paid to bondholders anywhere, free of withholding tax.
Luxembourg is delighted. About $10 million in tax revenue has been collected from holding companies so far, and that is insignificant compared to the benefits reaped by Luxembourg's banking community. Local banks often participate in underwriting consortia, manage bond issues and act as paying agents.
'We are the
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