Luxembourg bill of law on Multilateral Instrument ratification

On 3 July 2018, the Luxembourg Government submitted to Parliament bill of law 7333 for the ratification of the Multilateral Instrument (“MLI”). As a reminder, the MLI, which was signed by Luxembourg in June 2017, was developed by the OECD to implement Base Erosion and Profit Shifting (BEPS) measures into double tax treaties. Bill of law […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Law implementing double tax treaty with Cyprus

The double tax treaty signed by Luxembourg and Cyprus entered into force on 21 May 2018 its provisions will apply as of 1 January 2019. This double tax treaty takes into account the latest international standards regarding avoidance of double non-taxation and exchange of information, such as the Erosion and Profit Shifting (BEPS) recommendations of […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Clarification of the depositary regime applicable to Part II-UCIs

The Law of 27 February 2018 (“the 2018 Law”) came into force on 5 March 2018. Besides implementing (EU) Regulation 2015/751 on interchange fees for card-based payment transactions, the 2018 Law amends the Law of 17 December 2010 on undertakings for collective investment (“UCI Law”). One of the goals of the 2018 Law is to […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

CSSF warnings on ICOs, tokens and cryptocurrencies

On 14 March 2018, the CSSF issued two warning statements on (i) initial coin offerings (ICOs) and tokens and on (ii) virtual currencies (also called cryptocurrencies). The CSSF acknowledges that the blockchain technology underlying ICOs and virtual currencies may bring about certain benefits when used in the financial sector and in various innovative projects. However, […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

How important are double taxation treaties in Luxembourg? Are we able to use them to the advantage of our clients?

The Grand-Duchy of Luxembourg is the largest centre for private wealth management in the European Union. One hundred and forty two international banks have been established within its borders, and numerous investment funds are domiciled in the country. As a consequence, Luxembourg has a strong network of double tax treaties developed over several years. As […]

Stéphane EbelPartner, duvieusart ebel, avocats associés

Common reporting standards (CRS) require automatic exchange of information between jurisdictions. How do we ensure corporate or HNW clients understand what is expected and the implications for their business?

Local financial institutions are well prepared to provide the Luxembourg tax authorities with CRS reporting information. Clients are slowly integrating the new business parameters, such as actual substance requirements, and have closed treaty shopping mechanisms. They have to accept this new ‘tax way of life’. From a practical perspective, clients who remain tax compliant in […]

Stéphane EbelPartner, duvieusart ebel, avocats associés