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Tax rates income tax rates are progressive.
Income tax rates luxembourg. Personal income tax rates. How does the luxembourg income tax compare to the rest of the world. Individual income tax is levied on the worldwide income of individuals residing in luxembourg as well as on luxembourg source income of non residents. Review the 2020 luxembourg income tax rates and thresholds to allow calculation of salary after tax in 2020 when factoring in health insurance contributions pension contributions and other salary taxes in luxembourg.
While this top rate might sound high it remains lower than the likes of neighboring countries such as belgium. Luxembourg income tax liability is based on the individual s personal situation e g. The first 11 265 is offered tax free with the lowest rate of 8 kicking in thereafter. Rates individual income tax rate taxable income eur rate.
This surcharge amounts to 9 for taxpayers in. A 7 surcharge for the employment fund applies on the income tax due. Luxembourg has a bracketed income tax system with seventeen income tax brackets ranging from a low of 0 00 for those earning under 11 265 to a high of 38 00 for those earning more then 39 885 a year. An administrative fee will apply.
Luxembourg levies the income tax at the source and use the classifications above to compute the amount of income tax that the individual will pay. Income tax in luxembourg is charged on a progressive scale with 23 brackets which range from 0 to 42. The net income is then reduced by various deductions in order to determine the taxable income. Moreover a solidarity tax of 7 must also be added.
Luxembourg has one of the most complicated income tax systems in europe with three tax classes and 23 different brackets ranging from 0 up to 42. For this purpose individuals are granted a tax class. Tax is calculated in accordance with a sliding increase table ranging from 0 to 42 depending on your income. For the fiscal year 2020 the corporate income tax cit is 17 leading to an overall tax rate for companies of 24 94 in luxembourg city taking into account the solidarity surtax of 7 and including 6 75 municipal business tax rate applicable and which may vary depending on the seat of the company.
Businesses owned by luxembourg resident individuals directly or through a transparent entity are subject to their applicable progressive income tax rate which ranges from 8 on taxable income in excess of eur11 265 to 42 on income in excess of eur200 004 to be increased with a 7 contribution to the unemployment fund or. Workers must also pay between 7 and 9 as an additional contribution to the employment fund.
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