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Taxation In Luxembourg
Tax revenue in Luxembourg (officially the Grand Duchy of Luxembourg) was 38.65% of GDP in 2017, which is just above the average OECD in 2017 (34.19% of GDP). Most important revenue sources for the government The most important revenue sources for the government are: * Corporate income tax * Local business tax * Net wealth tax * Personal income tax * Value added tax Taxes are administrated by government agencies. The Minister of Finance levies the taxes through the director of Taxation, the revenue offices, and the tax collection offices. Corporate Income Tax (CIT) There are two possibilities: either the company is a resident or non-resident. Resident companies: Luxembourg considers a company to be resident if its management headquarter is in the Grand Duchy. Luxembourg resident companies have to pay taxes on their worldwide income once foreign taxes (where the company is present and earns an income) are deducted. Non-resident companies: Luxembourg considers a company to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxembourg
Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small landlocked country in Western Europe. It borders Belgium to the west and north, Germany to the east, and France to the south. Its capital and most populous city, Luxembourg, is one of the four institutional seats of the European Union (together with Brussels, Frankfurt, and Strasbourg) and the seat of several EU institutions, notably the Court of Justice of the European Union, the highest judicial authority. Luxembourg's culture, people, and languages are highly intertwined with its French and German neighbors; while Luxembourgish is legally the only national language of the Luxembourgish people, French and German are also used in administrative and judicial matters and all three are considered administrative languages of the cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are high-income economies with a very high Human Development Index (HDI), and are regarded as developed countries. Their collective population is 1.38 billion. , the OECD member countries collectively comprised 62.2% of global nominal GDP (US$49.6 trillion) and 42.8% of global GDP ( Int$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer. In April 1948, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Revenue As A Percentage Of GDP (1985-2014)
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal person, legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner (Tax noncompliance, non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct tax, direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat tax, flat percentag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Gramegna
Pierre Gramegna (born 22 April 1958) is a Luxembourgish career diplomat and politician of the Democratic Party who has been serving as managing director of the European Stability Mechanism (ESM) since 2022. He previously, served as Minister for Finances in the government of Prime Minister Xavier Bettel from 2013 to 2022. Early life and education Gramegna was born and grew up in Esch-sur-Alzette. He then attended Panthéon-Assas University, where he studied economics and law, receiving a master's degree in civil law from the university in 1981, and a degree in economic science in 1982. He completed his postgraduate education with a DEA in community law. Diplomatic career Gramegna joined the Luxembourg Ministry of Foreign Affairs in 1983. He was an economic and political affairs adviser at the Luxembourg embassy in Paris from 1988 to 1993. He was subsequently appointed consul general and director of the Board of Economic Development in San Francisco. From 1996 to 2002, Gramegna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Union
A civil union (also known as a civil partnership) is a legally recognized arrangement similar to marriage, created primarily as a means to provide recognition in law for same-sex couples. Civil unions grant some or all of the rights of marriage except child adoption and/or the title itself. Civil unions under one name or another have been established by law in several, mostly Developed country, developed, countries in order to provide legal recognition of relationships formed by unmarried same-sex couples and to afford them rights, benefits, tax breaks, and responsibilities similar or identical to those of legally married couples. In 1989, Same-sex marriage in Denmark, Denmark was the first country to legalise civil unions, for same-sex couples; however most other developed democracies did not begin establishing civil unions until the 1990s or early 2000s, often developing them from less formal domestic partnerships. While civil unions are often established for both opposite-sex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Luxembourg
The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Luxembourgers enjoy the highest Lists of countries by GDP per capita, per capita gross domestic product in the world, according to an International Monetary Fund, IMF estimate in 2022. Although Luxembourg in tourist literature is aptly called the "Green Heart of Europe", its pastoral land coexists with a highly industrialized and export-intensive area. Luxembourg's economy is quite similar to Germany's. Luxembourg enjoys a degree of economic prosperity very rare among industrialized democracies. In 2009, a budget deficit of 5% resulted from government measures to stimulate the economy, especially the banking sector, as a result of the Great Recession. This was however reduced to 1.4% in 2010. For 2017 the (expected) figures are as follows: Growth 4.6%; Inflation 1.0%; Budget deficit 1.7%, to be reduced to 0.8% in 2020; Debt: 20.4%, no new debts to be taken in the fiscal year. Sectors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Europe
The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the convenience of a shared currency and has led to a stronger European cash flow. It is important to note that the European Union is not a country, rather a unique global organisation, as an entity forming one of the largest economies in the world. The European Union also “regulates” the global market by the Single Market. The difference in wealth across Europe can be seen roughly in former Cold War divide, with some countries breaching the divide (Greece, Portugal, Slovenia, the Czech Republic, Slovakia, Lithuania, Latvia and Estonia). Whilst most European states have a GDP per capita higher than the world's average and are very highly developed, some European economies, despite their position over the world's average in the Human Deve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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