The Luxembourg government has introduced a new bill of law that aims to simplify and modernize the country's tax system. The bill, which is currently being debated in parliament, includes a number of measures designed to reduce the administrative burden on taxpayers and tax authorities.
One of the key provisions of the bill is the introduction of a single tax return for all taxpayers. This would replace the current system, which requires taxpayers to file separate returns for income tax, wealth tax, and value-added tax. The single tax return is expected to make it easier for taxpayers to comply with their tax obligations and to reduce the workload of the tax authorities.
The bill also includes measures to simplify the rules on tax deductions and exemptions. This is expected to make it easier for taxpayers to claim the deductions and exemptions that they are entitled to, and to reduce the risk of errors.
In addition, the bill includes measures to modernize the tax dispute resolution system. This is expected to make it easier for taxpayers to resolve disputes with the tax authorities, and to reduce the time and cost of resolving these disputes.
The introduction of the new bill is a positive step towards simplifying and modernizing the Luxembourg tax system. The measures contained in the bill are expected to reduce the administrative burden on taxpayers and tax authorities, and to improve the efficiency of the tax system.
More info here: globalcompliancenews.com/2023/04/12/https-insightplus-bakermckenzie-com-bm-tax-luxembourg-new-bill-of-law-on-simplification-and-modernization-of-certain-procedural-aspects-in-tax-matters_04052023
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