Tax Amnesty Announced For Luxembourg

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Pierre Gramegna, Luxembourg’s Finance Minister, has announced a  tax amnesty scheme as part of the draft 2016 budget.
Gramegna outlined details of the amnesty scheme during his presentation of the draft budget.
The proposal is that all taxpayers can be able to file a “corrective statement” to declare hidden assets or income. They will be obliged to pay in full any taxes owed, plus a sanction of 10 percent, for declarations made in 2016, it goes up to 20 percent, for declarations in 2017.
The amnesty will run for three years. Taxpayers already under investigation cannot benefit from the amnesty.

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