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ARTICLE · 18 JULY 2018

Get Ready For PCN 2020

KPMG Luxembourg
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few days ago, Luxembourg's Council of Government approved a draft of the Grand-Ducal Regulation (GDR) that would determine the content of the new Luxembourg Standard Chart of Accounts (PCN).

LuxembourgCorporate/Commercial Law
Souleymane Yeo
Souleymane Yeo
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A few days ago, Luxembourg's Council of Government approved a draft of the Grand-Ducal Regulation (GDR) that would determine the content of the new Luxembourg Standard Chart of Accounts (PCN). This draft GDR has yet to be commented on by regulatory bodies, and thus is not yet final. It will only come into force when published on Mémorial A of Legilux.

This modernised PCN, which comes almost 10 years after its predecessor, aims to better meet the needs of companies preparing accounts ("preparers") and to allow public administrations ("users") to use the form more efficiently. Put another way, it will oblige preparers to provide better and more relevant financial information, with which users can more easily create reliable statistics and calculate direct or indirect tax. Ultimately, this will reduce the volume of forms, inquiries, and redundant requests for information from users.

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