Luxembourg to Reduce Tax Burden on Companies, Individuals

On May 22, 2008, the Luxembourg Prime Minister announced tax measures that the government intended to introduce to bolster the competitiveness of the Luxembourg economy, including: 1. complete abolition of the capital duty, as of 2009; 2. gradual decrease of the corporate income tax rate to 25.5%; a...

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Bibliographic Details
Published in:Journal of International Taxation 2008-08, Vol.19 (8), p.10
Main Authors: Kuipers, Jurjan Wouda, Huysmans, Serge, Pouchard, Alexandre, Schmitz, Marc, Hames, John
Format: Article
Language:English
Subjects:
Corporate income tax
International taxation
Prime ministers
Tax credits
Tax legislation
Tax rates
Online Access:Get full text
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Summary:On May 22, 2008, the Luxembourg Prime Minister announced tax measures that the government intended to introduce to bolster the competitiveness of the Luxembourg economy, including: 1. complete abolition of the capital duty, as of 2009; 2. gradual decrease of the corporate income tax rate to 25.5%; and 3. lower income tax and other tax measures for individuals. Proposals include an increase of individual income tax brackets by 6% in 2009, and an increase of the number of tax-deductible amounts. In addition, several allowances and deductions will be replaced by tax credits, primarily to benefit of low-income taxpayers.
ISSN:1049-6378