Luxembourg 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
See MoreLuxembourg and Laos sign a DTA
The double taxation agreement (DTA) between Laos and Luxembourg entered into force on March 21, 2014. The agreement which was signed on 4 November 2012 is in line with the OECD Model Tax Convention. The provisions of the agreement will take effect
See MoreLuxembourg and Israel sign a DTA
Luxembourg and Israel signed a new double taxation agreement on 11 March 2014. No further details of this new agreement are currently
See MoreUS: DTA Protocols between the United States and various countries
The US Senate Committee on Foreign Relations held talks on February 26, 2014, on the double taxation agreement (DTA) Protocols between the United States and Switzerland and Luxembourg, and DTAs with Hungary and Chile, as part of the nation's
See MoreLuxembourg –VAT shortfall
In the recent Luxembourg budget, it was announced that the estimated annual VAT shortfall following the changes will total €600m to €1.1bn. This amounts to between 4.9% and 9.1% of the current annual VAT take. Due to the significance of this
See MoreLuxembourg – No VAT rise in the 2014 Budget
Luxembourg's Finance Minister has presented the 2014 Budget to the Chamber of Deputies. The 2014 budget does not include plans to raise value-added tax (VAT) in 2014 as had initially been predicted. The Finance Minister has however indicated that
See MoreDTA between Laos and Luxembourg enters into force
According to preliminary media reports, the double taxation agreement (DTA) signed between Laos and Luxembourg will enter into force on March 21, 2014. The agreement, which was originally signed on 14 June 2013, will take effect from 1 January
See MoreLuxembourg to apply automatic information exchange in 2015
The Luxembourg Government has adopted a bill implementing its April 10, 2013, decision to apply compulsory automatic information exchange to savings income covered under the current European Union (EU) Savings Tax Directive from 1 January
See MoreLuxembourg: VAT rate will increase
The Luxembourg Prime Minister has announced that, Luxembourg is set to raise its standard rate of VAT in 2015. The standard VAT rate is currently 15% and at present it is the lowest standard rate in the EU. The Prime Minister has indicated that the
See MoreLuxembourg and Mauritius sign DTA Protocol
Luxembourg and Mauritius have signed a protocol amending the bilateral double tax agreement between the two countries. This protocol modifies a number of provisions in the agreement, and provides for the exchange of information upon request between
See MoreDTA between Luxembourg and Kazakhstan entered into force
Luxembourg ratified the first Income and Capital Tax Treaty with Kazakhstan on 16 May 2013. The treaty was signed on 3 May 2012 and entered into force on 10 December 2013. The provisions of the treaty will be applicable from 1 January 2014
See MoreLuxembourg: Government announces key fiscal policy agenda
The new Luxembourg government published components of its future fiscal policy on 2 December 2013. The government will focus on structural reforms in three major areas: an examination of public expenditure, measures to promote economic growth, and
See MoreLuxembourg: Rejection of a tax on FTT
A recent report confirmed that Luxembourg’s clear rejection of a tax on financial transactions (FTT). Luxembourg will carry on ruling out the idea of such a tax, as currently envisaged by eleven EU member states, within the structure of enhanced
See MoreLuxembourg: Automatic exchange of tax information
Jean-Claude Juncker, the prime minister of Luxembourg declared that the Grand Duchy of Luxembourg will adopt the automatic exchange of information foreseen in the European Union Savings Directive and that will effect from first January 2015. The
See MoreLuxembourg: PM presented details of future Tax Reform
Xavier Bettel, the new Prime Minister of Luxembourg has presented a Government Declaration outlining details of plans to reform taxation in the Grand Duchy to the country’s Chamber of Deputies. The Government wants to set up a consultative tax
See MoreLuxembourg: New circular declares VAT exemption for risk management services
“Administration de l’Enregistrement et des Domaines”, the Luxembourg VAT Authorities issued a Circular (Circular n° 723 ter) on 7th November 2013, confirming that risk management services for funds could be VAT exempt. The guidance from the
See MoreLuxembourg wants acceleration of negotiation on Savings Tax
Luxembourg has called on the European Commission (EC) to accelerate negotiations with third party countries, to make sure that progress is made on plans to modify the Savings Tax Directive. The Savings Tax Directive is designed to ensure that income
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