Luxembourg has increased penalties on late VAT returns and VAT payments. The current fine of €5,000 for non-compliance will be increased to €10,000, with up to 50 of the VAT due assessed as potential penalties. Also, businesses preparing and submitting VAT returns on behalf of other companies (eg. accountants or tax advisors) may be jointly liable for the VAT obligations of their clients. Finally, as it happens in many other countries, Luxembourg foresees prison sentences of up to five years for VAT fraud.
In addition to these new penalties, Luxembourg has also increased the registration...Read more
Luxembourguish Directors acting independently and providing services to another company must charge VAT on these supplies. The tax authorities have published guidelines on the VAT treatment of these supplies where they clarified that Directors who are not employed by the company to whom they are providing services must register for VAT and charge VAT on these supplies.
Should the supply be made from a Director outside Luxembourg, the company receiving the service must account for VAT under the reverse charge mechanism. According to the new circular, it is now clear that Directors should register and...Read more
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