Monday, 15 October, 2007

Luxembourg government announces gradual abolishment of capital duty.

In the 2008 budget which was deposited as a bill on 10th October 2007, the Luxembourg government has announced a gradual abolition of the capital duty, which is currently due at a rate of 1% on contributions of capital to Luxembourg companies and partnerships. Pursuant to the bill, the capital duty rate is to be reduced to 0.5% from 1st January 2008. In the explanatory comments to the bill the Government further announces its resolution to abolish the capital duty by the end of 2009, in line with an EU proposal for a Council Directive concerning capital duty.

This latest move by the Luxembourg government is again a confirmation that the country wants to confirm it’s role as a leading jurisdiction for intermediary holding activities. For more information please email Bart Zech or call him on +352 422 229 203.

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