Financial Transparency Coalition

Luxembourg signed a new tax cooperation agreement with France on Wednesday that reduces the scope of its banking secrecy, one of over a dozen such deals it intends to reach this year to avoid being branded a tax haven.

IRS Commissioner Doug Shulman said the agency will consult closely with banks in implementing new proposed stricter reporting and withholding requirements on transfers of money offshore.

The government is being urged by MPs to crack down on offshore tax havens and corruption to ensure poor countries gain the maximum benefit from their own resources.

A clash between an aid charity and the four biggest accountancy firms over international tax reporting rules has gained new impetus after a top Revenue & Customs official stepped into the debate.