ARTICLE · 21 DECEMBER 2016

Four Tax Deductions You May Be Forgetting About

KPMG Luxembourg

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Are you aware that any contributions you've made to qualifying home saving and loan schemes are tax-deductible on your 2016 Luxembourg individual income tax return?

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Frederic Scholtus

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Know your homes and loans

Are you aware that any contributions you've made to qualifying home saving and loan schemes are tax-deductible on your 2016 Luxembourg individual income tax return? The deduction goes up to €672 (the same amount extending to any spouse/partner in the taxpayer's household, and the same amount again for each child living in the household as well). We remind you to review your 2016 contributions before year-end so that you can reach the maximum deduction.

A footnote for next year: the amount deductible for home savings plans (€672) will be increased to €1,344 for individuals between 18 and 40 years old in 2017. For everyone else the ceiling will remain €672.

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