Dear clients,

We herewith inform you about a change in Luxembourg tax law, introduced by the 2017 Luxembourg tax reform and which may have an impact on the taxation of your savings income with ICBC Luxembourg Branch.
The RELIBI (“Retenue à la source libératoire”) law of 23 December 2005 had introduced a withholding tax of 10 % in full discharge of personal income tax on
certain interest paid by paying agents established in Luxembourg to Luxembourg resident individuals.

By modification of article 6 of the RELIBI law of 23 December 2005 according to the law of 23 December 2016 implementing the 2017 Luxembourg tax reform, the applicable withholding tax rate was increased from 10% to 20 % and this withholding tax rate has been effective.

Kind regards,
ICBC Luxembourg Branch