Companies with Links to Blacklisted Countries will be Audited More Often in Luxembourg

The Luxembourg tax authorities have announced they are applying more severe regulations for companies that do business with jurisdictions currently blacklisted by the European Union.

The stricter regulations will include the closer monitoring of transactions, spot checks, and an increased number of audits requested per year if necessary. The EU blacklist of non-cooperative jurisdictions has been established and the move by Luxembourg shows its committal to ensuring that its taxpayers aren’t using structures or arrangements to minimise their tax liabilities illegally.