According to IMF forecasts, Luxembourg will surpass Qatar to become the world’s most lavish nation in 2015, with a GDP per capita of US$96,269, surpassing that of Qatar. In the long run, the small stronghold grew to be an important station. As well as being a tariff haven, Luxembourg is one of the main financial and business hubs in the world. The European Investment Bank and more than 150 other organizations call it home. Approximately 28,000 expense agreements, government forms, and other archives were made public by perceptive writers towards the end of 2014; these revealed how about 350 of the largest companies in the world, such as Pepsi, IKEA, Procter & Gamble, JP Morgan, and FedEx, were able to save millions of dollars by utilizing plans made possible by Luxembourg’s good assessment laws.
“LuxLeaks” exposed how companies created complicated accounting and legal frameworks to transfer benefits lawfully from high-tax countries to low-tax Luxembourg, often paying less than 1% in fees. According to the nominal GDP estimate, Luxembourg is ranked 94th in the world; nevertheless, with a GDP per capita of about $80,000, the country is ranked second globally. Even more diverse, it can be divided into five distinct geographic regions: the Red Lands, the Luxembourg Level, Little Switzerland, the Moselle Valley, the Valley of the Seven Castles, and the Valley of the Seven Castles.
The Prime Minister of Luxembourg serves as the head of state, and the Chamber of Deputies, who are elected to five-year terms, is the body having authoritative power in Luxembourg’s delegate vote-based democratic legislature.
