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The Luxembourg Finance Ministry and the country's tax authority are currently holding a series of public information sessions to explain tax reforms due to be introduced in 2017.
The sessions are being held at tax offices throughout the country until September 26, with Finance Minister Pierre Gramegna participating alongside staff from the Administration des Contributions Directes. Both resident and non-resident taxpayers are encouraged to attend.
Gramegna commented: "The citizens have many questions regarding the tax reform and other topics related to taxation. To best meet this need for information, the [tax] authority opened outside of usual hours. I welcome this opportunity to enter into dialogue with taxpayers and visit the local offices of the Tax Collection Administration, whose agents do an outstanding job."
The Government submitted its 2017 tax reform bill to the Chamber of Deputies on July 26, 2016. If approved, the legislation would cut corporate tax from its existing rate of 21 percent to 19 percent in 2017, and further reduce it to 18 percent in 2018. Also, the rate of corporate tax will be cut to 15 percent for small companies with annual taxable income not exceeding EUR25,000 (USD28,000).
The bill also improves investment tax credits and depreciation rules, tightens rules regarding the carrying forward of losses by companies, increases the top rate of personal income tax from 40 percent to 42 percent on income exceeding EUR200,004, and introduces a new rate of 41 percent on income between EUR150,000 and EUR200,004.
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