Revision Of Corporate Exit Tax Rules
The Luxembourg Parliament has adopted, on 13 May 2014, the law (bill 6556) amending some tax provisions concerning the area of so-called "exit tax" in order to make the exit taxation compliant with EU law. The European Court of justice (ECJ) held in the National Grid case (C-371/10) that EU law precludes legislation of a Member State which prescribes – such as previous Luxembourg law – the immediate recovery of tax on unrealised capital gains relating to assets of a company transferring its place of effective management to another Member State at the time of the transfer.
In accordance with the ECJ decision, the new regime lays down the possibility to resident corporate entities which intend to transfer their statutory seat and place of effective management to another Member State of the European Economic Area (EEA) to opt for a deferral of the tax on unrealised capital gains caused by the transfer until the actual disposal of the transferred assets. The company may now opt to postpone the payment of the tax, without any late...
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