Several newspapers have collaborated in examining the tax affairs of the owners of 124,000 companies registered in Luxembourg, claiming that they founded 55,000 offshore companies managing assets worth at least EUR6 trillion, with 90 per cent of the companies' beneficial owners controlled by non-Luxembourg entities from over 157 jurisdictions. The Luxembourg government has responded to the investigation that the country is ‘fully in line and compliant with all EU and international regulations and transparency standards,’ and adds that ‘neither the EU nor the OECD have identified any harmful tax regime or practices in Luxembourg.’ ...