Revision of corporate exit tax rules

By Laurent Mahaux and Bilal Ajabli

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 that 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…

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