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vendredi 24 novembre 2023
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Tax – Luxembourg minimum net wealth tax provisions unconstitutional (Arendt & Medernach)
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On 10 November 2023, the Luxembourg Constitutional Court concluded that §8(2) a) of the law on net wealth tax was contrary to the constitutional principle of equality. Pending legislative reform, the taxpayers concerned will be subject to the minimum net wealth tax of EUR 1,605 when their total balance sheet is between EUR 350,000 and EUR 2,000,000, instead of the minimum net wealth tax of EUR 4,815.
Background
Luxembourg imposes net wealth tax (NWT) on Luxembourg companies based on their unitary value, i.e. the adjusted net asset value as determined, in principle, as at 1 January of each year, at the rate of 0.5% (and 0.05% for the upper tranche of the net wealth exceeding EUR 500 million), subject to the application of a minimum NWT...
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