Luxembourg’s 2014 Budget has been adopted by the Chamber of Deputies. The debate in parliament was concerned with the Luxembourg Government’s intention to raise taxes with effect from 2015. The government also intends to increase three of the value-added tax (VAT) rates from 1 January 2015. There is also a plan for a reform of taxation in 2016, but the Finance Minister has suggested that the government will need between 18 and 24 months to prepare the necessary draft legislation.
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