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Luxembourg Eases Tax Requirements For Individuals, Businesses

March 18, 2020, 1:35 PM

Companies and self-employed individuals in Luxembourg can defer certain tax payments to boost liquidity in the face of Covid-19.

The country is aiming to reduce further infections. It announced the relief Tuesday.

  • The tax administration will automatically accept requests for payment delays or to cancel prepayments. It also extended the deadline for companies and self-employed individuals to submit their tax returns has been extended to June 30.
  • Self-employed individuals can request the cancellation of their income and commercial municipal tax prepayments for the first two quarters of 2020.
  • Individuals can also request a four-month tax payment delay for income tax, municipal taxes and wealth taxes due after Feb. 29 2019.
  • The administration in charge of value-added tax will also reimburse all VAT credit balances below 10,000 euros ($10, 940).

To contact the reporter on this story: Barbara Tasch in Zurich at correspondents@bloomberglaw.com

To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergtax.com; Joe Stanley-Smith at jstanleysmith@bloombergtax.com