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Luxembourg Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
605,764 (July 2018 est.)GDP (PPP)
$62.11 billion (2017 est.)The financial sector accounts for more than 35% of GDP (mostly investment funds); economy dominated by foreign multinationals.
GDP growth rate
2.3% (2017 est.)Lower than in the previous years but still healthy
GDP (PPP) per capita
$105,100 (2017 est.)Fifth-wealthiest country in the world
Local currency
Euro (EUR)One of the world's major currencies
Financial stability (Public debt)
23% of GDP (2017 est.)Strong financial stability due to low public debt and budget surplus
Inflation
2.1% (2017 est.)Healthy rate of inflation
Language
Luxembourgish (official), French (official), German (official)English widely spoken (9/100)
Corruption perception index (Source: Transparency International)
9/180Very low level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
17%Lowest VAT rate in the EU. Other rates apply to certain goods, for example: 14%: certain wines, advertising pamphlets; 8%: supply of gas or electricity 3%: food (alcohol), pharmaceutical products, books (including e-books)
Corporate Tax
24.94%The figure is the effective combined CIT rate for Luxembourg City. CIT: 15% Solidarity surtax: 7% Municipal business tax: 6.75% (Luxembourg City) Companies are also subject to net wealth tax (0.5% with various reductions)
Duties
N/AEuropean Union customs duties/import tariffs apply
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