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LATEST NEWS
14-07-2009
Tax Havens Buck European Property Slump 08-06-2009
Luxembourg Strengthens Tax Information Exchange Provisions 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds
Government DepartmentsTax Havens Buck European Property Slump 08-06-2009
Luxembourg Strengthens Tax Information Exchange Provisions 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds
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Luxembourg
Physical Facts |
|
| Population: | 486,006 (July 2008 est.) |
| Location: | Western Europe landlocked between France, Belgium and Germany |
| Area: | 2,586 sq km |
| Climate: | Temperate and mild. Summers are generally cool, with a mean temperature of about 17°C (63°F); winters are seldom severe, average temperature being about 0°C (32°F). |
| Transport | Air, Road, Rail, Waterway (River Moselle) |
| International Direct Dialling prefix: | 352 |
| Internet Country Code | .lu |
| Time difference on GMT: | + 1 |
Administrative Facts: |
|
| Status: | Constitutional Monarchy. Chief of State: Grand Duke |
| Government: | Unicameral. Chamber of Deputies or Chambre des Deputes – comprises 60 seats; members are elected by popular vote to serve five-year terms. note: there is also a Council of State that serves as an advisory body to the Chamber of Deputies; the Council of State has 21 members appointed by the Grand Duke on the advice of the prime minister |
| Legal System: | Based on civil law system. judges for all courts are appointed for life by the monarch - 3 Justices of the Peace, 2 district courts, and 1 Supreme Court of Appeals); administrative courts and tribunals (State Prosecutor's Office, administrative courts and tribunals, and the Constitutional Court); |
| International Court Jurisdiction: | Accepts compulsory ICJ jurisdiction |
| Language: | Luxembourgish (national language), German (administrative language), French (administrative language) |
| Education system: | Compulsory between ages of 4 and 15. Public education is free. University and variety of Higher education organisations. |
| UK Embassy: | 27 Wilton Crescent, London SW1 8SD Tel: 0207 235 6961 Fax: 0207 235 9734 |
| Residency/Working Requirements: | For Non EU migrants the employer must prove there is no EU citizen able to do the role. They must also sponser the migrant and deposit a bank guarantee of approximately €1500 per non EU worker. |
Fiscal Facts |
|
| Legal tender & currency: | Euro |
| VAT: | 15% VAT |
| Sales Tax: | |
| Import duty: | |
| Export duty: | |
| Banking: | Europe's second largest banking giant after the UK (London), and Europe's largest private banking country. |
| Annual Government Revenue: | $22.25 billion |
| Annual Government Expenditure: | $22.08 billion (2008 est.) |
| GDP: | US$ 47942 million (world bank 2007) |
| Minimum wage: | €1,570.28 per month for unqualified workers over 18; €1,884.34 for qualified workers |
| Financial Services Regulation: | Commission de Surveillance du Secteur Financier |
| Financial Services Regulation Contact Details: | 110, route d'Arlon L-2991 LUXEMBOURG Tel: 352 2625111 Fax: 352 26251-601 |
Tax Facts |
|
| General: | Double taxation treaties with: Austria, Belgium, Brazil, Bulgaria Canada, China, Czechoslovakia, Denmark, Finland, France, Germany, Greece, Hungary, Indonesia, Ireland, Italy, Japan, Korea, Malta, Mauritius, Morocco, Netherlands, Norway, Poland, Romania, Russian Federation, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States, Vietnam EU Savings Tax Directive |
| Corporate Tax: | 21% applicable to companies whose taxable income exceeds EUR 15,000. |
| Individual – resident: | 20 – 26% sliding scale. Liable to tax on worldwide income. An individual is resident if either his tax domicile or his usual abode is Luxembourg. (A stay of more than 6 months amounts to residence) |
| Individual – non-resident: | Liable to tax only on certain types of income arising in Luxembourg or from Luxembourg sources. These types of income are very precisely defined in Luxembourg legislation. |
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