On 18 February 2010, the law relating to the audit profession (the “Audit Law”) implementing the Directive 2006/43/EC of 17 May 2006 on statutory audits of annual accounts and consolidated accounts has entered into force in the Grand Duchy of Luxembourg. The main innovations of the Audit Law are: - The…
Corporate & Tax
20 April 2010
READ THIS ARTICLE
1 February 2010
Protocol between Luxembourg and Spain amending the double tax treaty
On the sidelines of the European Council of Finance Ministers (Ecofin) meeting, an amendment to the existing bilateral double taxation agreement in place between Luxembourg and Spain has been executed by the Luxembourg Minister of Finance and its Spanish opposite on 10 November 2009. In accordance with the OECD standard,…
16 February 2009
Luxembourg – Hong Kong double tax treaty entered into force
The Luxembourg – Hong Kong double tax treaty has entered into force on 20 January 2009 following the exchange of the ratification documents. We set out hereunder the main features of this treaty. The maximum withholding taxes that will be applicable are as follows: 0% on dividends if the beneficial owner is a company…
18 December 2008
Luxembourg – 2009 Tax Reform introduced by the Law of 16 December 2008
On 16 December 2008, the Luxembourg Parliament has passed laws to enact the attractive measures already proposed by the bills number 5924 and 5913. The main measures introduced by these laws are as follows: 1. Abolition of capital duty as of 2009 The law has abolished the current contribution duty of 0,5% on capital contributions…
11 December 2008
Luxembourg – Hong Kong double tax treaty has been ratified
On 2 November 2007, Luxembourg signed a tax treaty with Hong Kong. The maximum withholding taxes that are set out are: 0% on dividends if the beneficial owner is a company that directly holds at least 10% in the capital of the distributing company or the participation has an acquisition cost of at least 1,200,000 Euro;…
2 October 2008
New draft bill – Exemption of withholding tax on dividends paid to treaty countries
On 1 October 2008, a draft bill (n°5924) introducing new favourable tax rules was submitted to the Luxembourg Parliament. We set out hereunder a brief overview of the main changes that are proposed and that relate to companies: The exemption of withholding tax on dividends paid to corporate shareholders located in countries…
2 June 2008
Tax reforms proposed by the Luxembourg government
In a speech addressed to the Luxembourg Parliament on May 22, 2008, Jean-Claude Juncker, the Luxembourg Prime Minister, shed lights on Luxembourg’s economic, social, and financial situation and proposed important changes, mainly from a taxation perspective. Brief overview of the main changes proposed: Relating to corporate…
29 February 2008
New draft law – amendment of Luxembourg company law
Introduction A Draft bill of law relating to the modernisation of the amended law of 10 August 1915 on commercial companies was submitted to the Luxembourg Parliament on 8th of June 2007. Its principal purpose is to further modernise Luxembourg corporate law. Brief overview of the main changes proposed in the draft law:…
4 January 2008
New Luxembourg tax measures effective as of 1 January 2008
The laws of 19 and 21 December 2007 have introduced the following main tax measures that are effective as of 1 January 2008: Reduction of capital duty (payable upon incorporation and on capital increases) from 1% to 0,5%. The intention of the Luxembourg government is to abolish this capital duty by 2010; Increase of investment…
21 December 2007
Intellectual property – New draft law: 80% exemption of income derived from intellectual property
Introduction The Luxembourg government has recently introduced a draft law on 6 November 2007 that would provide for an 80% tax exemption of income derived from intellectual property (“IP”) as well as capital gains realized on the disposal of such intellectual property. The aim of this new incentive is to encourage…
Copyright © 2010 Chevalier & Sciales. All rights reserved. Terms of Use | Privacy Policy