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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The SuperReturn International series consists of 15 annual international private equity & venture capital events held in Europe, Asia, Africa, Middle East and the US. This happens to be the European event for the year. Spread across five days, starting from 27 February, the largest private equity event worldwide will take place in Berlin this year.
Some of the main subjects being discussed at this year’s conference are; The Geopolitical and Economical happenings of the last 12 months, Innovation Disruption & Tech Expertise and many more. As previously eluded to, there will be over 400 presenters, all bringing their own perspective and stance on specific topics to the table. Companies such as Google, Visa, Bloomberg and many more will all be represented throughout the five days.
KPMG Associate Partner, Nic Müller, will be speaking on 28 February at 3pm: “Why invest in the mid-market today”.
Given the societal challenges and environmental issues we currently face, the circular economy concept has rapidly been gaining in importance. This is why the Luxembourg government is pressing ahead in setting up the framework for the third industrial revolution, in which a circular economy is a key pillar.
The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.
In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
The signing of a double taxation agreement between the UK and the UAE in April 2016 was undoubtedly much anticipated and marks a new milestone in the successful expansion of the UAE's international tax treaty network.
Compared with the previous year, which saw the introduction of significant new incentives, including exemption of investment income of non-domiciled individuals...
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