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By Jean KIZITO, Partner, Tax, Financial Services and Frédéric SCHOLTUS, Director, Individual Tax, Global Mobility Services, KPMG Luxembourg
The amended law of 23 December 2005 on the withholding tax on certain interest payments — more famously known as the Relibi (“retenue à la source libératoire”) law — was introduced into Luxembourg legislation in the wake of the EU Savings Directive (EUSD). It will come as no surprise, therefore, that the Relibi law and the EUSD shared similar structures and concepts. The main difference between them? The former targets taxation of Luxembourg resident individuals, while the latter targeted all EU resident individuals.
When the Common Reporting Standard (CRS) for the automatic exchange of financial...
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