On 14 February 2020, Luxembourg published a revised version of the draft law 7465 amending the original provisions on the professional privilege exemption. Luxembourg Government submitted the draft law on 8 August 2019 which has not been passed yet.
The new version extended the professional privilege exemption. Previously Luxembourg intended to apply the professional privilege exemption only to lawyers acting in their capacity as lawyers. The exemption extended to chartered accountants and auditors. Moreover, an intermediary provides a service that involves a reportable arrangement and is covered by professional secrecy will require notifying other intermediaries of their reporting obligations or in the absence of any other intermediary the taxpayer itself.
The law will apply as from 1 July 2020, but will also cover measures that started being implemented after 24 June 2018. The draft law is not passed yet and is proposed to be put to the Luxembourg parliament for approval by March 2020.
