Luxembourg has signed an agreement for the exchange of bank information on request in all tax matters with the US. The OECD sees this as a major step forward in international efforts to counter tax evasion.

In an announcement, the two countries said that they have modified an existing bilateral tax treaty dating from 1996 by adding a protocol that updates the information exchange provision of Article 28 of the treaty in accordance with the exchange of information standard of the OECD Model Tax Convention.

This is the first agreement by Luxembourg with an OECD country which meets the OECD standard for information exchange.

Further information on new agreement is available at
http://www.oecd.org/document/13/0,3343,en_2649_37427_42803469_1_1_1_1,00.html