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 […]
On 20 March 2018, a new double tax treaty and an associated protocol (“New DTT”) were signed by the French and Luxembourg governments. The New DTT will replace the current double tax treaty (dated 1 April 1958) and it will enter into force at the earliest on 1 January 2019, after the completion of the […]
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 […]
The Law of 27 February 2018 on interchange fees and amending several laws relating to financial services was published on 1 March 2018. It modifies, among other things, the rules governing professional secrecy laid down by article 41 of the Law of 5 April 1993 on the financial sector. As a reminder, the professional secrecy […]
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 […]
The Law and the Grand-Ducal Regulation of 30 may 2018 transposing the revised EU markets in financial instruments directive (MiFID II) into Luxembourg law were published in the Official Journal. As a reminder, MiFID came into effect on 3 January 2018. It aims at strengthening regulation of trading activities on financial markets and at enhancing […]
Directive of 30 May 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “Fifth AML Directive”) was published in the Official Journal of the European Union. EU Member States now have 18 months to implement the Fifth AML Directive into national law (10 […]
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, […]
Please view our new legal watch (Link HERE) The Legal watch includes the topics below: – Capital Markets – Banking and Finance – Asset Management and Investment Funds – Tax – Data Protection
Please view our new legal watch (Link HERE) The Legal watch includes the topics below: – Capital Markets – Banking and Finance – Asset Management and Investment Funds – Tax – Data Protection
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 […]
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 […]