The Chamber returns to the taxation of the financial sector across some 26 sittings of the 2023–2028 legislature, from the coalition programme debate of November 2023 to the state-of-the-nation debate of May 2026. The sittings covered the transposition and defence of the OECD Pillar Two minimum tax of 15% on multinationals, including the 2025 crisis over the US withdrawal and the DAC9 exchange-of-information bill; the run of subscription-tax cuts, the ETF exemption and the January 2026 carried interest reform for fund managers, named as bills 8590 and elsewhere; and the network of double-taxation treaties, among them bills 8282, 8400 and 8401. General tax reform and wealth taxation are covered on Taxation and tax reform, and the wider financial centre on The financial centre and financial regulation. The quotes below are taken verbatim from the Compte rendu officiel of each sitting.
\nOn 22 January 2026, during the debate on bill 8590 (PL8590 — Carried interest) modernising the carried interest regime for fund managers, Laurent Mosar described the bill, as rapporteur, as a fundamental change to an existing regime.
\n\n\nDe Projet de loi, ëm deen et geet, ass deen iwwert de sougenannte System vum Carried Interest, e System oder Regimm, deen eigentlech haut schonn existéiert an dee mer och elo, wéi am Koalitiounsaccord 2023 virgesinn ass, duerch dëse Projet wäerte fundamental änneren, awer och moderniséieren.
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The bill concerns the carried interest system, a regime that already exists today and that we are now going to fundamentally change and modernise through this bill, as foreseen in the 2023 coalition agreement.
\nSitting of 22 January 2026, Laurent Mosar, CSV
\nOn 17 December 2025, during the debate on bill 8591 (PL8591 — Imposition groupes d'entreprises) transposing the DAC9 directive on the automatic exchange of Pillar Two tax information, Diane Adehm gave, as rapporteur, the mechanics of the minimum tax.
\n\n\nDuerch d’Ëmsetzung vum sougenannte Pilier 2 solle multinational oder national Betriber mat engem Ëmsaz vu méi wéi 750 Milliounen Euro d’Joer op d’mannst 15 % Steiere bezuelen.
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Through the implementation of the so-called Pillar Two, multinational or national companies with a turnover of more than 750 million euros a year are to pay at least 15% tax.
\nSitting of 17 December 2025, Diane Adehm, CSV
\nOn 22 January 2026, during the debate on bill 8590 on carried interest, André Bauler gave the weight of the financial sector in employment, GDP and tax revenue.
\n\n\nD’Finanzplaz beschäftegt direkt iwwer 70.000 Leit, si mécht iwwer 25 % vun eisem Bruttoinlandsprodukt aus an hire steierleche Bäitrag läit bei bis zu engem Drëttel vun eise Steierrecetten.
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The financial centre directly employs more than 70,000 people, it makes up more than 25% of our gross domestic product, and its tax contribution runs to up to a third of our tax revenue.
\nSitting of 22 January 2026, André Bauler, DP
\nOn 20 May 2026, during the state-of-the-nation debate, Gilles Baum welcomed the exemption of actively managed ETFs from the subscription tax.
\n\n\nFir Innovatioun am Finanzsecteur ze fërderen, sinn aktiv geréiert ETFen zanter 2025 vun der Taxe d’abonnement befreit. Dat hëlleft, de Lëtzebuerger Finanzzentrum ze diversifizéieren an nei finanziell Aktivitéiten unzezéien.
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To encourage innovation in the financial sector, actively managed ETFs have been exempt from the subscription tax since 2025. That helps to diversify the Luxembourg financial centre and attract new financial activities.
\nSitting of 20 May 2026, Gilles Baum, DP
\nOn 22 January 2026, during the debate on bill 8590 on carried interest, Franz Fayot argued that the regime raises a question of fairness by letting fund managers largely escape tax on their outperformance.
\n\n\nDe Carried Interest wäert et de Fongemanager, awer och anere Prestatairen, an de Rapporteur huet dat am Detail beschriwwen, erméiglechen, d’Iwwerperformance vun hiren Investissementer zu engem Groussdeel, an ënner verschiddene Konditioune souguer ganz, vun de Steiere kënnen ze befreien.
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Carried interest will allow fund managers, and other service providers, as the rapporteur described in detail, to exempt a large part, and under certain conditions even all, of the outperformance of their investments from tax.
\nSitting of 22 January 2026, Franz Fayot, LSAP
\nOn 20 May 2026, during the state-of-the-nation debate, Taina Bofferding criticised tax gifts for so-called talents who turn out to be fund managers rather than low earners.
\n\n\nEt gi Steierkaddoe fir sougenannten Talenter. Dat si wuelverstane keng Kënschtler oder Leit mam Mindestloun, mee dat sinn an der Reegel Fongemanager an aner Leit mat ganz ville Suen, déi dann herno nach mussen e Brochdeel, wann iwwerhaapt, u Steieren op hirem Akommes bezuelen.
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There are tax gifts for so-called talents. These are, to be clear, not artists or people on the minimum wage, but as a rule fund managers and other people with a great deal of money, who then only have to pay a fraction, if anything, in tax on their income.
\nSitting of 20 May 2026, Taina Bofferding, LSAP
\nOn 22 January 2026, during the debate on bill 8590 on carried interest, Fred Keup defended the bill as a competitiveness measure for a financial centre facing ever stronger competition.
\n\n\nHei geet et ëm gewësse Virdeeler, déi kommen, fir méi kompetitiv ze ginn, fir eng Finanzplaz ze hunn, déi mathale kann an engem Ëmfeld, wou d’Konkurrenz ëmmer méi staark gëtt.
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This is about certain advantages that come to become more competitive, to have a financial centre that can keep up in an environment where competition is getting ever stronger.
\nSitting of 22 January 2026, Fred Keup, ADR
\nOn 12 June 2024, during the state-of-the-nation debate, Fred Keup welcomed the cut to the subscription tax as support for the financial centre.
\n\n\nHei steet d’Erofsetze vun der Taxe d’abonnement. Dat geet, mengen ech, an déi richteg Richtung. Mir mussen d’Finanzplaz hei ënnerstëtzen.
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Here is the reduction of the subscription tax. That, I think, goes in the right direction. We must support the financial centre here.
\nSitting of 12 June 2024, Fred Keup, ADR
\nOn 2 April 2025, during the LSAP topical hour on the consequences of the US withdrawal from Pillar Two, Sam Tanson described the withdrawal as a direct threat to tax fairness.
\n\n\nde Réckzuch vun den USA aus dem Pilier 2 stellt net nëmmen e geopoliteschen Challenge duer, mee eng direkt Gefor fir d’Steiergerechtegkeet an eiser global vernetzter Wirtschaft.
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The withdrawal of the United States from Pillar Two is not only a geopolitical challenge, but a direct threat to tax fairness in our globally networked economy.
\nSitting of 2 April 2025, Sam Tanson, déi gréng
\nOn 22 January 2026, during the debate on bill 8590 on carried interest, Sam Tanson argued that the bill runs counter to a fair society and sustainable public finances.
\n\n\nAn ech fannen, dass dat eng Richtung ass, déi net déi ass, déi am Sënn vun enger gerechter Gesellschaft ass, an déi och net déi ass, déi am Sënn vun nohaltege Staatsfinanzen ass.
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And I find that this is a direction that is not one in the sense of a fair society, and also not one in the sense of sustainable public finances.
\nSitting of 22 January 2026, Sam Tanson, déi gréng
\nOn 22 January 2026, during the debate on bill 8590 on carried interest, Sven Clement argued that taxing the same income far more lightly will necessarily cost the state revenue.
\n\n\nWann e Revenu, deen haut mat 45 % besteiert gëtt, an Zukunft just nach mat 11,45 % besteiert gëtt, da bedeit dat zwangsleefeg manner Sue fir de Lëtzebuerger Staat.
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If income that is taxed today at 45% will in future only be taxed at 11.45%, that necessarily means less money for the Luxembourg state.
\nSitting of 22 January 2026, Sven Clement, Piraten
\nOn 23 November 2023, during the debate on the coalition programme, Marc Baum criticised the tax relief promised to financial-centre managers and business owners.
\n\n\nD’Manager vun der Finanzplaz – haut nennt een déi „Talenter“ – solle steierlech entlaascht ginn. D’Firmebesëtzer solle steierlech entlaascht ginn duerch eng Baisse vun der Betribsbesteierung.
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The managers of the financial centre, today called the \"talents\", are to be given tax relief. Business owners are to be given tax relief through a cut in corporate taxation.
\nSitting of 23 November 2023, Marc Baum, déi Lénk
\nOn 27 February 2024, during the debate on bill 8282 (PL8282 — Convention Cabo Verde) approving the double-taxation convention with Cabo Verde, David Wagner objected that large fund and holding investors escape the withholding tax on dividends entirely.
\n\n\nWell mir hunn awer weiderhin e Problem domadder, datt een, dee méi wéi 10 % an engem Fong oder an enger Holding investéiert, u sech seng Dividende komplett steierbefreit huet, amplaz déi 15 % Quellesteier ze bezuelen.
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We still have a problem with the fact that someone who invests more than 10% in a fund or a holding has their dividends completely exempt from tax, instead of paying the 15% withholding tax.
\nSitting of 27 February 2024, David Wagner, déi Lénk
\nOn 2 April 2025, during the LSAP topical hour on the US withdrawal from Pillar Two, the Minister of Finance stated that the tax administration cannot yet finally calculate the reform's effect on state revenue.
\n\n\nEch ginn Iech do einfach d’Ursaach, firwat dass à ce stade d’Steierverwaltung dat net ofschléissend ka berechnen.
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I will simply give you the reason why, at this stage, the tax administration cannot calculate that conclusively.
\nSitting of 2 April 2025, Gilles Roth, Ministre des Finances
\nOn 21 November 2024, during the debate on bills 8400 (PL8400 — Imposition Monténégro) and 8401 (PL8401 — Imposition Albanie) approving the double-taxation conventions with Montenegro and Albania, the Minister of Finance noted that these were Luxembourg's 90th and 91st such conventions.
\n\n\nDat heescht, mir ginn e weidere Schrëtt virun an déi richteg Richtung, well dat hei sinn d’Duebelbesteierungsofkommessen Nummer 90 an 91, déi Lëtzebuerg gemaach huet.
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That means we are taking a further step in the right direction, because these are double-taxation conventions number 90 and 91 that Luxembourg has made.
\nSitting of 21 November 2024, Gilles Roth, Ministre des Finances
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