On 21 June 2016, Luxembourg published Circular L.G. - A n° 60, which concerns the tax treatment of accounts kept in a foreign currency. The Circular supersedes and replaces previous circulars on the issue. The key aspects of the Circular include:
- Taxpayers wishing to declare taxable income in a foreign currency must submit a written request for authorization to the tax authority at least three months prior to the end of the tax year concerned;
- Converted amounts must be rounded up or down to …