Good news for single parents: as of fiscal year 2017, the
single-parent tax credit (CIM) will be doubled. Currently it's
€750 per year, but it will be raised to €1,500 per year
(provided that your annual taxable income is less than
€35,000). If your taxable income is over €35,000, then
this credit will progressively decrease in accordance with how
large your taxable income is, up to €105,000, at which point
the credit is all the way back to €750.
The CIM may be decreased by 50% in cases where monthly
maintenance payments to support children are above €184 per
month (€2,208 per year) in 2016, or above €160 per month
(€1,920 per year) in 2017. Family allowances and orphan
pensions are exceptions to this rule!
File with a smile
Santa clause is coming! Will he file your 2015 taxes?
It's up to you now: these are the last days to submit your
2015 personal tax return to the Luxembourg tax
authorities—the deadline is 31 December 2016 so please make
sure that your tax return is in the hands of the Luxembourg tax
authorities by Friday, 30 December 2016, at the latest.
In addition, please be careful as from 1 January 2017 the
Luxembourg tax authorities may assess increased penalties for late
Rock your docs
Luxembourg tax authorities love complete tax files! But what
does "complete" entail? It is advisable to prove all the
amounts that you report on your tax form with supporting documents
(i.e. certificates of salary, bank account statements, insurance
certificates, invoices, etc.) As of today, you can start to prepare
the "perfect file" for 2017 since you should receive all
your year-end statements and certificates in the early weeks of
2017. The authorities will appreciate this early start and your
file may be treated more smoothly.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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As the banking industry continues to be shaped by technological and regulatory forces, we’ve gathered our European Central Bank (ECB) experts to hold a conference about this changing landscape. KPMG’s ECB desk from Frankfurt will join our Luxembourg banking partners to unpack the latest news from the ECB, including regulations that will affect the future of banking.
We would be very pleased if you could attend this event, which will be held at our Luxembourg headquarters in Kirchberg on 30 March. The talk will begin at 5:00pm and last until 6:00pm, at which point the evening will be turned over to a networking session with drinks.
Please let us know if you are able to attend by using the registration button above (by 27 March, if possible).
We look forward to seeing you there!
Here in Luxembourg, LPEA are holding an event which will offer new initiatives by bringing General Partners (GPs) and Limited Partners (LPs) together to examine and speak on the industry from the “360” perspective, leaving no stone unturned. We are a sponsor of the event, as well as having a speaker present. David Capocci, Partner and Head of Alternative Investments will be offering his own insight on the industry nowadays.
The Common Reporting Standard (CRS) has been initiated by the Organization for Economic Cooperation and Development (OECD) aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS.
Under current law, where a business subject to corporation tax or income tax reallocates an existing asset into its trading stock, the basic rule is that there is a deemed market value disposal of the asset...
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