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The annual accounts consist of:
- A balance sheet ;
- A profit and loss account ;
- An appendix.
The balance sheet and the profit and loss account must be established following the scheme determined by the 4th EU directive as they have been transposed into the law. In principle, the duration of an accounting year cannot exceed one year. The closing date of the accounting year must in principle agree with that of the fiscal year, being December 31. Annual accounts must be established in one of the country's three administrative languages (French, English, Luxembourger).
Small companies can establish a balance sheet, a profit and loss account as well as an appendix in an abridged form. They are not obliged to present a management report, contrary to other companies. They can publish only the abridged balance sheet and an appendix.
Medium companies and large companies have to publish a balance sheet, a profit and loss account, an allocation of earnings proposal, the administrators and auditor's identity, an annual report and the report of the independent auditor. The management report must contain a faithful presentation of the evolution of the company's business and situation.
In addition to this, the EU directive of July 19, 2002 orders all listed European companies to establish, starting from the 2005 accounting year, their consolidated annual accounts based on the IAS/IFRS normas.
Luxembourg | OECD | United States | Germany | |
---|---|---|---|---|
Number of Payments of Taxes per Year | 23.0 | 10.1 | 10.6 | 9.0 |
Time Taken For Administrative Formalities (Hours) | 55.0 | 163.6 | 175.0 | 218.0 |
Total Share of Taxes (% of Profit) | 20.4 | 41.6 | 36.6 | 48.8 |
Source: Doing Business - Latest available data.
Individual tax rate | Progressive rate from 0% to 42% (effective tax liabilities vary depending on the marital status of the taxpayer: single taxpayer, married our civil partners, single persons with children or senior citizens) |
EUR 0 - 11,265 | 0% |
EUR 11,265 - 13,137 | 8% |
EUR 13,137 - 15,009 | 9% |
EUR 15,009 - 16,881 | 10% |
EUR 16,881 - 18,753 | 11% |
EUR 18,753 - 20,652 | 12% |
EUR 20,652 - 22,569 | 14% |
EUR 22,569 - 24,513 | 16% |
EUR 24,513 - 26,457 | 18% |
EUR 26,457 - 28,401 | 20% |
EUR 28,401 - 30,345 | 22% |
EUR 30,345 - 32,289 | 24% |
EUR 32,289 - 34,233 | 26% |
EUR 34,233 - 36,177 | 28% |
EUR 36,177 - 38,121 | 30% |
EUR 38,121 - 40,065 | 32% |
EUR 40,065 - 42,009 | 34% |
EUR 42,009 - 43,953 | 36% |
EUR 43,953- 45,897 | 38% |
EUR 45,897- 100,002 | 39% |
EUR 100,002 - 150,000 | 40% |
EUR 150,000 - 200,004 | 41% |
More than EUR 200,004 | 42% |
Solidarity Surtax | A solidarity tax of 7% of taxes (9% for single taxpayers earning more than EUR 150,000) |
Dependency contribution | 1.4% |
Type of property and law | Validity | International Agreements Signed |
---|---|---|
Patent Patent Law on April 18, 2004 |
20 years |
Patent Cooperation Treaty (PCT) |
Trademark Uniform Benelux Trademark Law of December 2, 1992 |
10 years, indefinitely renewable for consecutive 10-year periods |
Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks |
Design Uniform Benelux Designs Law July 13, 1973 and Community Council ruling 6/2002 of December 12, 2001, on communitarian designs or models |
Five years, renewable every five years during a period of 25 years maximum | |
Copyright Law of April 18, 2004 |
For the length of the author's life and 70 years after his death |
Berne convention For the Protection of Literary and Artistic Works Convention for the Protection of Producers of Phonograms Against Unauthorized Duplication of Their Phonograms Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations WIPO Copyright Treaty WIPO Performances and Phonograms Treaty |
Industrial Models Benelux Law of January 1, 1971 |
The body of standardization and certification is the The Luxembourg Institute for Normalization, Accreditation, Safety and Quality of Products and Services (ILNAS). Luxembourg is a member of the European Committee of Standardization (CEN), the European Committee of Electronic Standardization (CENELEC), the Standardization of Telecommunication (ETSI), the International Organization of Standardization (ISO) and the International Electrotechnics Commission .
Certain products, whatever their origin is, should be submitted to the technical rules which give rise to a ratification meeting EC standards.
Banks: from Monday to Friday, from 8.30 AM to 4.30 PM and some of them are open on Saturday from 9 AM to 1 PM.
New Year's Day | January 1 |
Holy Friday | March/April |
May Day | May 1 |
Ascension | May |
Whit Monday | May/June |
National Holiday | June 23 |
Assumption | August 15 |
All Saints Day | November 1 |
Christmas Day | December 25 |
Saint Stephen's Day | December 26 |
New Year's Day | January 1 |
Holy Friday | A weekend in March/April |
Easter Monday | A weekend in March/April |
National Holiday | June 23 |
Christmas holidays | December 25 and 26 |
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Latest Update: March 2025