CGT Provisions in DTA has been amended by Luxembourg & France
Capital gains tax provisions on real estate have been amended by Luxembourg & France and this is for a fourth time has revised their double tax agreement. The Protocol was signed on September 5, 2014, by Michel Sapin, France's Minister of
See MoreCzech Republic-Luxembourg ICTT enters into force
The Income and Capital Tax Treaty (ICTT) between Czech Republic and Luxembourg has entered into force on July 31, 2014 and it will apply from January 1,
See MoreEstonia- New Double Tax Treaty with Luxembourg
Estonia and Luxembourg signed a double tax treaty on 7 July 2014. According to the new agreement reduced rates would be provided for dividends, interest and royalties. The agreement will enter into force after completing internal ratification
See MoreCzech Republic ratified the DTA with Luxembourg
The Czech Republic has ratified the Income and Capital Tax Treaty between Czech Republic and Luxembourg on June 5, 2014. Once in force and effective, this new treaty will generally replace the prior Czechoslovakia - Luxembourg Income and Capital
See MoreLuxemburg: Tax circular governing the functional currency regime
A tax circular letter containing framework of rules governing the functional currency regime (FRC) was issued by the Luxemburg Tax Authorities on 16 June 2014. It will apply to corporations that expresses in a currency other than Euro and maintain
See MoreLuxemburg: Corporate exit tax rules has been revised and effective from 8 June 2014
Exit tax provisions for corporate entities has been amended by the Luxembourg Parliament on May 13, 2014 and approved by the law bill 6556. The law will not be compliant with European Union (EU) law. The amendment gives rise an option for a taxpayer
See MoreLuxembourg: Rules Out Top Tax Rate Rise
The Luxembourg government is planning to raise more revenue in the next few years by putting together a package that will include some tax rises. The Finance Minister has recently clarified however that the highest rate of income tax is not to be
See MoreLuxembourg: Adopts 2014 Budget
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
See MoreLuxembourg: Challenges european commission on Tax Information Injunctions
Luxembourg is to challenge the European Commission in the Court over tax rules that are alleged by the Commission to benefit only specific types of entity. These provisions may be contrary to the state aid provisions in the European Union. The
See MoreLuxembourg – Real Estate CGT Deferral Abolished
Luxembourg has issued draft legislation to scrap the regime permitting the deferral of the taxation of real estate capital gains provided that these are reinvested in another property within Luxembourg. The draft legislation takes account of the
See MoreLuxembourg set for bigger losses on 2015 EU electronic VAT rule change
Luxembourg considers that it could lose €800 million per year as a result of the change in the rules used to determine the place of supply of consumer electronic services. This change in the EU VAT regulations is due to take effect from 1 January
See MoreLuxembourg Lowers Shipping Registration Levy
Luxembourg has issued a draft regulation that would reduce shipping registration duties. The duties are computed by reference to a vessel’s tonnage, determined when the ship is first registered in Luxembourg. Although Luxembourg is a landlocked
See MoreLuxembourg Confirms 2015 VAT rise
The Luxembourg government is to raise the rate of VAT 15% to 17% on 1 January 2015. The lower VAT rates charged on certain categories of expenditure will also rise from 12% and 6% to 14% and 8%, respectively. The third reduced VAT rate of 3%
See MoreLuxembourg – Capital Flight Expected
Luxembourg’s intention to begin automatic exchange of information from January 1, 2015, is considered likely to have a significant impact on the financial sector. The national statistics agency Statec considers that a proportion of around five
See MoreUS – Luxembourg and US Sign FATCA Deal
An agreement has been concluded between Luxembourg and the US to ensure that institutions may carry out the provisions of the Foreign Account Tax Compliance Act (FATCA). The two countries reached the agreement on the basis of one of the model
See MoreTreaty between Saudi Arabia and Luxembourg approved by Saudi Arabia
Saudi Arabia approved the double taxation agreement with Luxembourg on 31 March
See MoreLuxembourg supports revised Savings Tax Directive
The EU has adopted the revised Savings Tax Directive, strengthening the efforts to combat cross-border tax evasion by exchanging information on savings income. The revised text extends the scope of the Directive more entities and types of income
See MoreEU – Expanded scope of Savings Taxation Directive
According to information released on 21 March 2014 the European Council has given the go ahead to the amended Savings Tax Directive. Luxembourg agreed to the proposed changes and this removed the final obstacle to the adoption of the revised
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