Budget plan & tax package for 2013 - 23/11/2012
The predominant fiscal measures
During the current economic crisis, governments, including that of the Grand-Duchy of Luxembourg, have implemented ever-increasingly measures to prevent further imbalances in public finances. Luxembourg’s governing political parties have judged the the initial budget 2013, introduced in October by the government, as insufficient. A number of adjustments as regards both revenues and expenses have been proposed, leading to a revised version of the budget 2013.
Inevitably, a policy of budgetary consolidation implies the need for increased revenues. Hence, the draft law (“DL”) N°6947 measures (tax package for 2013), filed 7th November 2012 by the Minister of Finance, Luc Frieden, exceed, both for companies and for individuals, the announcements made during the speech on the state of the Nation last May.
The final vote for the budget is only scheduled for mid-December. We will keep you informed on any potential changes made to the current draft bill during the legislative process.