Luxembourg transfer pricing (prix de transfert): tax year 2026

What is new for 2026: no change to arts. 56 and 56bis LIR, which have stood since the law of 23 December 2016 (in force 1 January 2017). Two administrative texts matter:

• Amount B. Circular L.I.R. n° 56/2 – 56bis/2 of 13 April 2026 says how Luxembourg treats the OECD simplified approach for baseline distributors when a "covered jurisdiction" applies it. It applies to financial years opened from 1 January 2025.

• Shareholder current accounts. Circular L.I.R. n° 164/1 of 29 January 2025 replaced the 1998 circular on interest on debit current accounts of shareholders. For an associated enterprise the rate is set case by case under arts. 56 and 56bis.

• CbC report procedure. The law of 27 March 2026 (DAC8), applicable from 1 January 2026, amended the CbC law: the fine is now set by the bureau de la retenue d'impôt sur les intérêts, a resident constituent entity can also appeal, the report must carry each constituent entity's tax identification number for tax periods from 1 January 2028, and the ACD's powers of investigation lapse ten years after the end of the reporting fiscal year (law of 27 March 2026, art. 13).

No law passed in 2025 or 2026 adds a master file or local file duty. The ACD lists of laws for those years show none (ACD, laws 2025; ACD, laws 2026).

Rates, the taxable base, filing and the ordinary penalties are in lu-corporate-tax. This skill covers pricing between associated enterprises and how it is documented and defended.

Who this applies to

The arm's length rule (art. 56 LIR). It applies where:

• (a) an enterprise takes part, directly or indirectly, in the management, control or capital of another enterprise; or
• (b) the same persons take part, directly or indirectly, in the management, control or capital of two enterprises;

and the two enterprises, in their commercial or financial relations, are bound by conditions that differ from those independent enterprises would agree. The profits are then set at the conditions that apply between independent enterprises and taxed on that basis (LIR art. 56). The text works both ways: profits are set at arm's length, whether that raises or lowers the Luxembourg figure. The law sets no ownership percentage. Any participation in management, control or capital is enough.

The rule reaches domestic dealings as well as cross-border ones. Art. 56 does not limit itself to foreign counterparties.

Art. 56bis LIR applies to every "associated enterprise" within art. 56. It defines a transaction (a transfer of tangible or intangible property, a service, or a commitment, written or not, that would be paid for on the open market) and sets the method: an accurate delineation of the transaction and a comparability analysis on five factors.

Hidden profit distributions (art. 164(3) LIR). These are included in taxable income. There is a hidden distribution in particular where a shareholder, member or "interested party" receives, directly or indirectly, advantages from the company that he would not have received without that status. This reaches advantages to individual shareholders and to persons close to them, which art. 56 (enterprise to enterprise) does not.

Who must document. Every taxpayer must be able to justify the figures in its returns, including transfer prices on transactions between associated enterprises (§ 171 AO, with § 171(3) inserted by the law of 19 December 2014; circular 56/1 – 56bis/1, no. 7).

Out of scope here: investment funds, SICARs, securitisation vehicles and SPFs (their own regimes); individuals (luxembourg-income-tax); interest limitation, CFC rules and exit tax (lu-corporate-tax).

Rates, bands and thresholds

Item	Rate or amount	Tax year	Source
Tax on a primary adjustment, Luxembourg City, income above EUR 200,000	23.87% combined: IRC 16% + employment fund contribution 1.12% + ICC 6.75%	2025 onwards	ACD, overall tax burden; LIR art. 174
IRC bands (14% up to EUR 175,000; middle band; 16% above EUR 200,000) and ICC multipliers outside Luxembourg City	see lu-corporate-tax	2026	ACD, IRC tariff
Withholding tax on dividends, including other income allotted "in any form" on shares	15% of the gross amount; 17.65% of the net amount when the payer bears the tax	current	LIR arts. 97(1) no. 1, 146 and 148
Withholding exemption for a qualifying corporate shareholder	at least 10% or acquisition price at least EUR 1,200,000, held or committed for 12 months	current	LIR art. 147 no. 2; see lu-corporate-tax
Intra-group financing company, purely intermediary, safe harbour	minimum return of 2% after tax on the financed assets	from 1 January 2017; unchanged at 2026	Circular 56/1 – 56bis/1, no. 27
Return on equity observed for financing and treasury functions like regulated entities	10% after tax	as at 27 December 2016	Circular 56/1 – 56bis/1, no. 24
Advance decision (décision anticipée) fee, business taxation	EUR 3,000 to EUR 10,000, set by the ACD by complexity and workload; payable within one month; not refunded	requests from 1 January 2015	§ 29a(4) AO, inserted by the law of 19 December 2014; grand-ducal regulation of 23 December 2014, arts. 8 to 10
Advance decision, maximum validity	5 tax years	same	§ 29a(3) AO
Country-by-country report, group threshold	consolidated group revenue of EUR 750,000,000 or more in the fiscal year before the reporting year	reporting years from 2016	Law of 23 December 2016 on CbC reporting, annex, section I, no. 5
CbC report deadline	12 months after the last day of the reporting fiscal year	same	same, art. 2
CbC fine	up to EUR 250,000	same	same, art. 3(1); amount unchanged by the law of 27 March 2026, art. 13
Amount B, scope test	operating expenses of the tested distributor between 3% and a cap of 20% to 30% of its annual net revenue	financial years from 1 January 2025	Circular 56/2 – 56bis/2 of 13 April 2026, section 4
EU dispute complaint, time limit	3 years from the first notification of the measure	current	Law of 20 December 2019, art. 3(3)

There is no statutory threshold for documentation. § 171(3) AO applies to every associated-enterprise transaction, whatever its size.

The taxable base

1. Accurately delineate the transaction. Identify the commercial or financial relations and the economically relevant conditions (art. 56bis(4)(a)). The parties' actual conduct prevails over a written contract that says something else (circular 56/1 – 56bis/1, no. 13).
2. Compare on five factors (art. 56bis(5)): the contract terms; the functions of each party, taking account of assets used and risks managed and assumed; the features of the property, service or commitment; the economic circumstances of the parties and the market; and the business strategies.
3. Choose the method that gives the best approximation of the arm's length price (art. 56bis(6)). The law names no method list. Luxembourg follows the OECD Transfer Pricing Guidelines, which the circulars cite (circular 56/1 – 56bis/1, no. 3). A transaction not seen between independent parties is not for that reason alone non-arm's length (art. 56bis(2)).
4. Disregard what has no commercial rationale. A transaction, or the part of it, that in substance lacks valid commercial rationale and has a significant effect on the price is ignored (art. 56bis(7)).
5. Primary adjustment. Where the price departs from arm's length, the Luxembourg profit is set at the arm's length figure (art. 56). The adjustment flows into IRC and ICC at the company's rates (see lu-corporate-tax).
6. Secondary characterisation.
   • Hidden distribution. An excess paid to, or a shortfall charged to, a shareholder or a person close to the shareholder is a hidden profit distribution (art. 164(3)). It is added back to the company's income. Because art. 97(1) no. 1 covers dividends and "other income allotted in any form" on shares, and art. 146 subjects that income to withholding, a hidden distribution falls within the 15% withholding tax, unless art. 147 exempts it (for example a parent company holding 10% for 12 months).
   • Hidden capital contribution. An advantage flowing the other way, from shareholder to company, is a contribution. Art. 18(1) LIR takes contributions out of profit. Where the adjustment lowers the Luxembourg profit, the counterpart is treated as a contribution, not income.
   • The same excess is added once. Art. 56 and art. 164(3) can both describe one overpayment to a parent; they do not double the adjustment.
7. Shareholder current accounts. An individual shareholder's debit current account must bear a market rate. As a simplification the ACD accepts the Banque centrale du Luxembourg average rate for new consumer credit for the months of the financial year. Interest is booked at year-end. If the account is in debit all year, it can be computed on the average of the opening and closing balances; if the account did not exist all year or the balance moves a lot, use the average of the month-end debit balances. For an associated enterprise the rate is set case by case under arts. 56 and 56bis, by currency, exchange risk, refinancing rate and maturity (circular L.I.R. n° 164/1 of 29 January 2025).
8. Intra-group financing companies (circular 56/1 – 56bis/1). A company that grants interest-bearing loans or advances to associated enterprises, refinanced by issues, private loans, advances or bank loans (holding participations does not count):
   • Risk and equity. It assumes the risk only if it has the financial capacity to bear it. If its profile is like an entity under Regulation (EU) 575/2013 and its equity meets that regulation's solvency criteria, its equity is enough (no. 19). Otherwise the capital needed is set by credit-analysis methods.
   • Real presence (no. 21). All of: a majority of board members or managers who can bind the company are Luxembourg residents, or non-residents with Luxembourg professional income taxable there for at least 50% of that income (a corporate director must have its seat and central administration in Luxembourg); qualified staff to control the transactions; key decisions taken in Luxembourg; at least one general meeting a year at the registered address where company law requires one; and no tax residence elsewhere.
   • Safe harbour (nos. 27 to 30). A purely intermediary company that meets the real-presence test and on-lends money borrowed from associated enterprises is accepted as arm's length if it earns at least 2% after tax on the financed assets. It must state that it uses the safe harbour in its return. A lower return is accepted only in an exceptional case backed by a transfer pricing study. Users of the safe harbour are reported under exchange-of-information rules (no. 31).
   • 10% return on equity (no. 24). For financing and treasury functions comparable to regulated entities, a 10% after-tax return on equity "may be observed" on the market. It is a reference, not a safe harbour.
   • Old rulings (nos. 33 and 34). Individual decisions on arm's length pricing made before art. 56bis no longer bind the ACD for tax years after 2016.
9. Amount B (circular 56/2 – 56bis/2). Luxembourg respects the Amount B return set by a covered jurisdiction when three conditions all hold: the jurisdiction is on the OECD covered list annexed to the circular, Luxembourg has a tax treaty in force with it, and that jurisdiction has chosen to apply Amount B to distributors in its market. The ACD will then not adjust, will make a corresponding adjustment, or will remove double tax through a MAP. Scope: wholesale buy-sell distribution and sales agency or commissionaire activity for goods bought from associated enterprises, tested by a one-sided method with the distributor as tested party, operating expenses within the 3% to 20%-30% band, and no intangibles, services or commodities. The taxpayer reports the use of Amount B in its return and keeps the documents under § 171 AO.

Deadlines and filing

What	Who	Deadline	Source
Transfer pricing documentation	Any taxpayer with transactions between associated enterprises	No fixed filing date. Produce it on the tax office's request to justify the return (§ 171(3) AO).	Law of 19 December 2014, art. 4, 2°; circular 56/1 – 56bis/1, no. 7
Financing safe harbour and Amount B	Taxpayer using them	Say so in the corporate return for the year, in the relevant box	Circular 56/1 – 56bis/1, no. 29; circular 56/2 – 56bis/2, section 6
CbC report	Luxembourg ultimate parent, or another reporting entity under annex section II	12 months after the end of the reporting fiscal year. A calendar-year group files its 2026 report by 31 December 2027.	CbC law, art. 2
CbC notification	Every Luxembourg constituent entity of a group within scope	Say whether it is the ultimate parent, surrogate parent or designated entity, or name the reporting entity and its residence, by the last day of the reporting fiscal year	CbC law, annex, section II, nos. 3 and 4
Advance decision (§ 29a AO)	Taxpayer wanting certainty on a planned transaction	Written, reasoned request before the transaction; decided by the tax office after the opinion of the Commission des décisions anticipées; binding for up to 5 tax years unless the facts were incomplete or differ, or the decision breaks national, EU or international law; cannot grant an exemption or reduction	§ 29a AO; regulation of 23 December 2014
Financing company ruling request	Intra-group financing company	Must at least contain the items in the circular, including a transfer pricing study with the capital calculation, the full comparables list and rejection matrix, other APAs, and profit projections	Circular 56/1 – 56bis/1, no. 32
Corporate return carrying the adjustment	Company	31 December of the following year; see lu-corporate-tax	ACD, filing deadlines

A bilateral or multilateral APA is negotiated between competent authorities under the MAP article of the treaty. Luxembourg transfer pricing MAP cases go to the ACD's Division économique (ACD, MAP).

Penalties and interest

• No transfer-pricing-specific penalty. Luxembourg law sets no separate fine for missing transfer pricing documentation. A taxpayer that cannot justify its prices under § 171 AO faces an adjustment of the return. The ordinary surcharges then apply: up to 10% of the tax for a late or missing return, and 0.6% per month late payment interest on the tax (ACD, additional charges; figures and detail in lu-corporate-tax).
• CbC fine (CbC law, art. 3). Up to EUR 250,000 for: no report or notification; a late report or late notification; incomplete or wrong data; or failing to tell the ACD that the ultimate parent refused to provide the information. From 1 January 2026 the fine is set by the bureau de la retenue d'impôt sur les intérêts (before that, by the tax office of the reporting entity). The reporting entity or the resident constituent entity can appeal to the administrative tribunal (recours en réformation) (CbC law, art. 3(2) and (3), as replaced by the law of 27 March 2026, art. 13).
• Withholding on a hidden distribution. Where the company did not withhold, the withholding tax becomes due on assessment. If the company bears it, art. 148 sets 17.65% of the net amount.

Cross-border points

• Treaty MAP. Ask the competent authority of the state of residence unless the treaty allows either. Many Luxembourg treaties now give three years from the first notification of the measure, often through the multilateral convention; check the treaty. In Luxembourg the "measure" includes an assessment notice under §§ 100a and 210 AO, a basis assessment under § 213 AO, or an audit likely to lead to taxation not in line with the treaty. A "protective" MAP request keeps the time limit while domestic appeals run. MAP is open to transfer pricing cases and to cases where the adjustment was agreed in an audit settlement (circular L.G. – Conv. D.I. n° 60 of 11 March 2021).
• EU dispute law of 20 December 2019 (Directive 2017/1852). A complaint goes to each competent authority concerned at the same time, within three years of the first notification of the measure. The ACD decides on admission within six months; silence means admission. The authorities then have two years to agree, extendable by one year. After that, the taxpayer can ask, within 50 days, for an advisory commission, which gives its opinion within six months (extendable by three). The authorities then have six months to agree, and are bound by the opinion if they do not. A complaint ends any other MAP on the same dispute. An agreement is a new fact under § 222 AO, so the assessment can be changed after the limitation period. The law covers complaints on income or capital of fiscal years starting on or after 1 January 2018 (art. 19) (law of 20 December 2019, arts. 3 to 6, 14 to 16 and 19).
• Corresponding adjustments. Where a covered jurisdiction applies Amount B correctly, the ACD makes the corresponding adjustment or resolves the case in MAP (circular 56/2 – 56bis/2, section 2). Outside Amount B, relief for a foreign adjustment runs through the treaty MAP.
• Exchange of CbC reports. The ACD sends each CbC report automatically to every reporting jurisdiction where a constituent entity is resident or has a permanent establishment (CbC law, art. 4).
• Interest and royalties paid abroad carry no Luxembourg withholding under domestic law. An excess paid to a shareholder can still be a hidden distribution subject to the dividend withholding rules (see step 6 above and lu-corporate-tax).

Worked examples

Example 1: excessive royalty to a foreign parent

Alzette Distribution SARL, in Luxembourg City, is 100% owned by its German parent GmbH, which has held it for more than 12 months. In 2026 it had sales of EUR 10,000,000 and paid the parent a trademark royalty of 8% of sales. A benchmark of comparable licences supports 5% at most. Its taxable profit before the adjustment is above EUR 200,000, so the adjustment is taxed at the top marginal rates.

1. Royalty paid: 10,000,000 x 8% = EUR 800,000.
2. Arm's length royalty: 10,000,000 x 5% = EUR 500,000.
3. Primary adjustment under art. 56 LIR: EUR 300,000. The same excess is a hidden distribution to the parent under art. 164(3); it is added once.
4. Extra IRC: 300,000 x 16% = EUR 48,000.
5. Employment fund contribution: 7% of 48,000 = EUR 3,360.
6. Extra ICC: 300,000 x 3% x 225% = EUR 20,250. The EUR 17,500 allowance has already been used against the rest of the profit.
7. Total extra tax: EUR 71,610, which is 23.87% of the adjustment.
8. Withholding on the hidden distribution: none. The parent is an EU parent-subsidiary directive company holding 100% for more than 12 months, so art. 147 no. 2 exempts it.
9. Late payment interest at 0.6% per month runs from the due date of the tax once assessed. The group can ask Germany for a corresponding adjustment by a MAP under the treaty or a complaint under the law of 20 December 2019, within three years of the first notification.

name: Luxembourg City SARL, royalty 8% vs arm's length 5% on sales EUR 10m, tax year 2026
inputs:
  sales: 10000000
  royalty_paid_pct: 8
  royalty_arm_pct: 5
  irc_pct: 16
  cfe_pct: 7
  icc_base_pct: 3
  icc_multiplier_pct: 225
  wht_pct: 0
steps:
  - royalty_paid: sales * royalty_paid_pct / 100
  - royalty_arm: sales * royalty_arm_pct / 100
  - adjustment: royalty_paid - royalty_arm
  - irc: adjustment * irc_pct / 100
  - cfe: irc * cfe_pct / 100
  - icc: adjustment * icc_base_pct / 100 * icc_multiplier_pct / 100
  - extra_tax: irc + cfe + icc
  - effective_pct: extra_tax / adjustment * 100
  - wht: adjustment * wht_pct / 100
  - total: extra_tax + wht
expected:
  royalty_paid: 800000.00
  royalty_arm: 500000.00
  adjustment: 300000.00
  irc: 48000.00
  cfe: 3360.00
  icc: 20250.00
  extra_tax: 71610.00
  effective_pct: 23.87
  wht: 0.00
  total: 71610.00

Example 2: hidden distribution to an individual shareholder, with 15% withholding

Pétrusse Consulting SARL, in Luxembourg City, is wholly owned by an individual who lives in Luxembourg. In 2026 it rents its office from him for EUR 180,000. Market rent for the office is EUR 120,000. Its profit before the adjustment is above EUR 200,000. The company does not recover any tax from the shareholder.

1. Excess rent: 180,000 - 120,000 = EUR 60,000. It is an advantage the shareholder received only because he is the shareholder, so it is a hidden distribution under art. 164(3) LIR. It is not deductible and is added back.
2. Extra company tax at 23.87% (16% IRC, 1.12% contribution, 6.75% ICC): IRC 9,600 + contribution 672 + ICC 4,050 = EUR 14,322.
3. Withholding tax: the excess is income allotted on shares "in any form" (art. 97(1) no. 1) and subject to withholding (art. 146). The shareholder is an individual, so art. 147 does not exempt it. At 15% of the gross: 60,000 x 15% = EUR 9,000.
4. Total cost to the company: EUR 23,322.
5. If the company bears the tax on a net payment instead, art. 148 applies 17.65% to the net amount. That case is shown in the step wht_if_borne for comparison; use one figure or the other, not both.
6. The shareholder reports the EUR 60,000 as investment income, not rent. The withholding is credited against his income tax (see luxembourg-income-tax).

name: Luxembourg City SARL, excess rent EUR 60,000 to individual shareholder, tax year 2026
inputs:
  rent_paid: 180000
  rent_market: 120000
  irc_pct: 16
  cfe_pct: 7
  icc_base_pct: 3
  icc_multiplier_pct: 225
  wht_pct: 15
  wht_borne_pct: 17.65
steps:
  - hidden_distribution: rent_paid - rent_market
  - irc: hidden_distribution * irc_pct / 100
  - cfe: irc * cfe_pct / 100
  - icc: hidden_distribution * icc_base_pct / 100 * icc_multiplier_pct / 100
  - company_tax: irc + cfe + icc
  - wht: hidden_distribution * wht_pct / 100
  - total: company_tax + wht
  - wht_if_borne: hidden_distribution * wht_borne_pct / 100
expected:
  hidden_distribution: 60000.00
  irc: 9600.00
  cfe: 672.00
  icc: 4050.00
  company_tax: 14322.00
  wht: 9000.00
  total: 23322.00
  wht_if_borne: 10590.00

Ask the client first

1. Who are the counterparties, and how are they linked? Any participation in management, control or capital brings art. 56 into play. An individual shareholder or a person close to him brings art. 164(3).
2. Which transactions, and what was paid or charged? Goods, services, royalties, loans, guarantees, cash pooling, current accounts. Get the contracts and how the parties actually behaved.
3. Is the company a financing company? If it on-lends group money, check the real-presence conditions, its equity against the risks, and whether it uses the 2% safe harbour.
4. Does it hold a ruling? An advance decision issued before 2017 on arm's length pricing no longer binds the ACD. One issued under § 29a lasts at most five tax years.
5. What is the group's consolidated revenue? EUR 750m or more in the prior year triggers the CbC report and the notification.
6. Has a foreign tax authority adjusted the other side? The date of its first notification starts the three-year clock for MAP and for an EU complaint.

Sources

Source	URL	Read on
LIR, consolidated text in force at 1 January 2026 (ACD, updated 8 May 2026): arts. 18, 56, 56bis, 97, 146, 147, 148, 164, 174	https://impotsdirects.public.lu/dam-assets/fr/legislation/LIR/texte-coordonn-en-vigueur-au-1er-janvier-2026-ver-08052026.pdf	2026-10-23
Circular L.I.R. n° 56/1 – 56bis/1 of 27 December 2016, intra-group financing companies	https://impotsdirects.public.lu/dam-assets/fr/legislation/legi16/circulairelir561-56bis1-27122016.pdf	2026-10-23
Circular L.I.R. n° 56/2 – 56bis/2 of 13 April 2026, Amount B (scanned; read by OCR)	https://impotsdirects.public.lu/dam-assets/fr/legislation/circulaires/lir-56-2-56bis-2-du-13042026.pdf	2026-10-23
Circular L.I.R. n° 164/1 of 29 January 2025, interest on shareholder current accounts (scanned; read by OCR)	https://impotsdirects.public.lu/dam-assets/fr/legislation/circulaires/lir-164-1-du-29-janvier-2025.pdf	2026-10-23
ACD, collection of circulars	https://impotsdirects.public.lu/fr/legislation/circulaires.html	2026-10-23
Law of 19 December 2014 (Mémorial A n° 257), art. 4: § 29a and § 171(3) of the Abgabenordnung	https://impotsdirects.public.lu/dam-assets/fr/legislation/legi14/Memorial-A---N_-257-du-24-decembre-2014.pdf	2026-10-23
Grand-ducal regulation of 23 December 2014 on advance decisions (Mémorial A n° 264)	https://impotsdirects.public.lu/dam-assets/fr/legislation/legi14/Memorial-A---N_-264-du-29-decembre-2014.pdf	2026-10-23
Law of 23 December 2016 on country-by-country reporting (Mémorial A n° 280)	https://impotsdirects.public.lu/dam-assets/fr/legislation/legi16/a280.pdf	2026-10-23
Law of 27 March 2026 (DAC8, Mémorial A n° 144), art. 13 amending the CbC law, art. 17 applicable from 1 January 2026, Legilux	https://legilux.public.lu/eli/etat/leg/loi/2026/03/27/a144/jo	2026-10-23
Law of 20 December 2019 on tax dispute resolution (Mémorial A n° 890), Legilux	https://legilux.public.lu/eli/etat/leg/loi/2019/12/20/a890/jo	2026-10-23
Circular L.G. – Conv. D.I. n° 60 of 11 March 2021, mutual agreement procedure	https://impotsdirects.public.lu/dam-assets/fr/legislation/legi21/2021-03-11-LG-Conv-DI-60-du-1132021.pdf	2026-10-23
ACD, mutual agreement procedure (MAP)	https://impotsdirects.public.lu/fr/conventions/map.html	2026-10-23
ACD, overall tax burden of companies (23.87% from 2025)	https://impotsdirects.public.lu/fr/az/c/charg_fisc.html	2026-10-23
ACD, IRC tariff	https://impotsdirects.public.lu/fr/az/t/tarif-applicable-collectivites/tarif-collect.html	2026-10-23
ACD, late filing surcharge and late interest	https://impotsdirects.public.lu/fr/az/p/prelev.html	2026-10-22 (via lu-corporate-tax)
ACD, filing deadlines	https://impotsdirects.public.lu/fr/az/d/delais/depot.html	2026-10-22 (via lu-corporate-tax)
ACD, laws passed in 2025 and in 2026	https://impotsdirects.public.lu/fr/legislation/legi26.html	2026-10-23

Not yet confirmed: the consolidated text of § 29a and § 171 AO in force in 2026 (read only as inserted by the law of 19 December 2014; no later amendment was seen); a consolidated text of the CbC law (read in the 2016 original plus art. 13 of the law of 27 March 2026; amendments between 2017 and 2025, if any, were not seen) and the grand-ducal regulation of 13 March 2026; whether the ACD still applies the 2% safe harbour and the 10% return on equity at those figures (the circular says they will be reviewed; no revision was found); an official ACD text on how withholding is collected on a hidden distribution and on hidden capital contributions (the skill relies on the wording of arts. 18, 97, 146 and 164 LIR).

Contributed by Ryan Duguid.