Luxembourg: 2023 budget law passed by Parliament
Extension of filing deadline for income tax returns and an extension of the scope for reduced VAT rates
Extension of filing deadline for income tax returns and an extension of the scope for redu
Parliament passed the 2023 budget law, which provides for certain reliefs and benefits for taxpayers, including an extension of the filing deadline for corporate and individual (personal) income tax returns and an extension of the scope for the reduced and “super-reduced” value added tax (VAT) rates.
A request to be exempted from the second vote was filed with the State Council.
While most of the tax measures have been adopted in line with the budget bill announced in October 2022 (read TaxNewsFlash) certain measures have been further debated and clarified—including the proposed amendments to the reverse hybrid rules. A new tax measure affecting the reduced subscription tax for investment funds was also added.
Read a December 2022 report prepared by the KPMG member firm in Luxembourg
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.