On 16 June 2014, the Luxembourg tax authorities issued Circular L.G.-A No. 60, which outlines the rules for determining the taxable base using a non-Euro currency.
Companies in Luxembourg, including partnerships, are allowed to use a foreign currency for preparing their commercial accounts, but should file their tax returns in Euro based on Euro-denominated tax balance sheets. However, the Luxembourg tax authorities have generally allowed the use of a foreign functional currency for tax bala…