Luxembourg: Penalties related to real estate levy reporting obligation assessed
Fixed penalties in the amount of €10,000 each to taxpayers who have not fulfilled their reporting obligations relating to the real estate levy
Real estate levy reporting obligation assessed
Luxembourg tax authorities have started assessing fixed penalties in the amount of €10,000 each to taxpayers who have not fulfilled their reporting obligations relating to the real estate levy. For details on the real estate levy, read TaxNewsFlash.
Penalties generally have been issued two to three weeks after taxpayers receive the filing reminder from the Luxembourg tax authorities, so time is of the essence for opaque Luxembourg investment fund vehicles and their fund managers to confirm that the reporting obligation was fulfilled.
Read an August 2022 report prepared by the KPMG member firm in Luxembourg
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