Luxembourg's Land Registration and Estate Department has published Circular no. 790 of 18 January 2019, which concerns the value added tax (VAT) base for transactions between related parties. This includes that the VAT base of related party transactions must be the fair market (arm's length) for the following: Transactions where the recipient does not have a right to the full deduction of VAT and the invoiced or agreed consideration for the transaction is lower than the fair market value; Transactions where the supply is exempt and there no right to deduct VAT and the invoiced or agreed consideration for the...