On 14 October 2015, the Luxembourg government submitted a draft bill to parliament for the country's first ever tax amnesty program. The amnesty is reportedly an attempt by Luxembourg to promote disclosure prior to the beginning of tax litigation that will likely result from Luxembourg's expanding information exchange obligations with foreign tax administrations. Under the program, taxpayers that disclose all unreported assets and pay taxes due on related income by the end of 2016 will be subject to a flat penalty of 10% of the tax amount, with no additional penalties imposed for tax evasion or fraud. If disclosed and...