Gilles Roth (Minister of Finance): Competitive Priorities for Luxembourg’s Growth
Although a lawyer by training, Gilles Roth brings extensive economic experience to his role as Finance Minister, drawing from his work advising the Ministry of Finance and the European Union. He has stated that the financial sector is the government's priority and has set out plans for tax reform concerning financial instruments and personal taxation to boost growth.
Who is Gilles Roth?
Gilles Roth was appointed Finance Minister in the coalition government formed by the Christian Social People's Party (CSV) and the Democratic Party (DP) in 2023. He is a lawyer by training, having studied law at the Centre Universitaire de Luxembourg and the Université Catholique de Louvain (UCL) in Belgium. He completed his university studies with a degree in business administration and management from the Institut d’Administration et de Gestion at UCL. Roth brings extensive experience to his role as Finance Minister. He previously worked as a government attaché at the Ministry of Finance, before being seconded to the Luxembourg Court of Auditors and the Permanent Representation of Luxembourg to the European Union in Brussels. Upon his return to the Ministry of Finance, he became a government advisor (Conseiller) and later a senior government advisor (Premier Conseiller de Gouvernement).
“The financial sector is a priority of the Luxembourg government.”
What are Gilles Roth’s priorities as Finance Minister?
In a speech early in his tenure as Finance Minister, he declared, “The financial sector is a priority of the government.” He added that his objectives are to “ensure the sustainability of our public finances, restore purchasing power to households, ensure the competitiveness of our companies, and further improve the attractiveness of our financial center.” Roth emphasized the importance of Luxembourg’s financial sector continuing to climb up the value chain, highlighting recent successes in private asset funds, digital assets, and burgeoning corporate banking activity. He also prioritizes tax reform, including the exploration of reducing the subscription tax for actively managed ETFs and sustainable investment funds. Additionally, he aims to align Luxembourg’s corporate income and municipal business tax rates with the OECD average.
What can be expected from Gilles Roth’s direction of the Luxembourg economy?
Gilles Roth has implemented measures to reduce the budget deficit as part of his first budget as Finance Minister. He seeks to improve economic growth by reducing government spending while increasing investment in infrastructure. Roth also aims to reform taxes on financial instruments and introduce tax reforms that encourage talent attraction and protect the vulnerable. He believes that Luxembourg’s competitiveness will be enhanced by embracing sustainability. His recently announced sustainability plan aims to amplify Luxembourg’s role as a sustainable finance hub. The plan includes accelerating the UN’s Sustainable Development Goals, strengthening global connectivity, boosting gender finance, and driving increased gender equality by positioning Luxembourg as a “hub” for gender-lens investing.
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