Luxembourg VAT 2015 changes
- Sep 16, 2014 | Richard Asquith
A ranges of Luxembourg VAT compliance changes have been proposed, including:
- New measures to improve the VAT regime in tax free zones. This includes the elimination of potential double taxation on goods in VAT suspension released into a free zone.
- The supply of art and antiques is to be reclassified from the standard VAT rate of 15% to the reduced VAT rate of 6%.
- Auctioneers may apply for the use of the profit margin scheme, rather than conventional input/output VAT in relation to sales of art, antiques and other used goods
If approved by Parliament, the above measures will be implemented from 1 January 2015.