What’s in the report?

The KPMG Luxembourg Withholding Tax Study analyzes the withholding tax (WHT) rates of different jurisdictions with respect to Luxembourg investment funds, in order to provide a snapshot of each jurisdiction’s situation.  For this 13th edition we have looked at 124 countries and analyzed the WHT rates applicable on interest, dividends and capital gains derived by Luxembourg UCITS SICAVs and FCPs based on their legal status as at 1 January 2020. 



Covers 124 countries



Includes interest, dividends and capital gains



Based on legal status as at 1 January 2020

Withholding tax reclaims

KPMG Luxembourg has developed outstanding technical know-how in EU and global tax matters and is now filing claims on behalf of several European and non-European investment funds in numerous countries, such as France, Germany, South Korea, Poland, Taiwan and more. Through these projects, our multidisciplinary EU Tax Team has gained experience in mobilizing and coordinating dedicated and skilled people within the KPMG network to be able to quickly and efficiently respond to your needs. KPMG Luxembourg can assist you with applying for a reduction at source and filing withholding tax (WHT) reclaims in all countries that infringe EU law, DTT regulations, and domestic law by applying a discriminatory tax treatment to cross-border dividend distributions.

Withholding tax healthcheck

To ensure that investment funds can benefit from the best possible performance by enjoying the most favourable WHT rates, KPMG Luxembourg has developed the KPMG WHT Healthcheck, a fully automated tool especially designed for this purpose. The KPMG WHT Healthcheck will verify, on a worldwide basis, whether investment funds benefit from reduced WHT rates and/or whether you can file WHT reclaims based on domestic law, double tax treaties, or EU law. KPMG Luxembourg analyses 124 investment markets to see if WHT has been correctly applied to your funds.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.