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Luxembourg clarifies Functional Currency Tax regime
Zone(s): Luxembourg ¦ Sector(s): Taxation
[26 June 2014, Tax-News.com] By Ulrika Lomas, Tax-News.com, Brussels: The Luxembourg Tax Administration has published a circular setting out the conditions under which a collective entity may use the nation’s functional currency regime to determine its taxable income in a currency other than the euro. The Tax Administration’s FCR guidelines are intended to support companies that carry out the majority of their operations, express their corporate capital, maintain their bookkeeping, and prepare their annual accounts in a foreign currency.