Luxembourg

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

Base erosion and profit shifting (BEPS) regulations are becoming more onerous as part of an OECD initiative. What advice do you provide around this to your clients with operations in multiple jurisdictions?

Luxembourg recently introduced into domestic tax law the basic transfer pricing principles foreseen by Articles 8 -10 of the OECD BEPS report. Luxembourg will have to implement the anti-tax avoidance directive which includes the principles set out by the OECD BEPS report as regards hybrid mismatch (Action 2), CFC Rules (Action 3), Limitation of Interest […]

Stéphane EbelPartner, duvieusart ebel, avocats associés

Luxembourg bill of law completing GDPR

Bill of law 7184 was issued on 12 September 2017. It aims to adapt the Luxembourgish legal framework to the GDPR requirements and to complement the provisions of the GDPR with national specificities. The first chapter of the bill redefines the powers of the Luxembourgish data protection supervisory authority, the Commission Nationale pour la Protection […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

How does MiFID 2 and MiFIR aim to make the financial markets more resilient and efficient?

Directive 2014/65/EU and Regulation 600/2014 on Markets in Financial Instruments (“MiFID 2” and “MiFIR”) became applicable on 3 January 2018. MiFID 2 and MiFIR aim at making financial markets more resilient and efficient by: –  extending market transparency and transaction reporting; –  protecting investors (one of the main changes will be the ban on inducements […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Luxembourg Parliament approve 2018 Budget Law

On 14 December 2017, the 2018 budget law was approved by the Luxembourg Parliament. The main tax- related measures, applying from 1 January 2018, are summarised below. – extension of the investment tax credit to (i) zero emission cars and (ii) acquired software (provided that this software has not been acquired from any associated entity); […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Update for Luxembourg circular on tax residency for Undertakings for Collective Investments

On 8 December 2017, the Luxembourg tax authorities published an updated version of Circular L.G.-A. n°61, which replaces the previous version dated 12 February 2015 and provides details on the issuance of certificates of tax residence for Undertakings for Collective Investments (UCIs). The updated version of the circular now covers Reserved Alternative Investment Funds (RAIFs). […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

The application and transposition of payment services in the internal market (“PSD 2”)

Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (“PSD 2”) began to apply on 13 January 2018. It updates the first payment services directive (“PSD 1”) published in 2007.   PSD 2 aims to enhance competition and innovation within the European payments market, as well as improve the security […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Circular on the tax treatment applicable to stock option plans

A new circular on the tax treatment applicable to stock option/warrant plans was issued by the Luxembourg tax authorities on 29 November 2017. Circular L.I.R. n° 104/2 (i) raises the valuation of freely negotiable options which are not listed on the stock exchange, (ii) introduces clarifications regarding the eligibility of employees to option plans and […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

An overview of the PRIIPS regulation and its implementation

Regulation (EU) 1286/2014 on key information documents for packaged retail and insurance-based investment products (“PRIIPs Regulation”) began to apply on 1 January 2018. The PRIIPS Regulation requires persons and entities advising on or selling a packaged retail and insurance- based investment product (PRIIP) to deliver a key information document (KID) to their retail investors before […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Staying compliant with “Benchmarks Regulation” or “BMR”

Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (“Benchmarks Regulation” or “BMR”) establishes a common regulatory framework at the EU level under which benchmarks are provided, produced and used. The BMR seeks to ensure the accuracy, robustness and integrity of benchmarks […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

Capital Markets | ESMA and CSSF alert investors to risks of ICOs

On 13 November 2017, the European Securities and Markets Authority (ESMA) released a statement highlighting the risks of so-called Initial Coin Offerings (ICOs). To inform investors and other market participants of ESMA’s statement, the CSSF published a press release 17/38 on 16 November 2017. An ICO is an innovative way of raising money from the […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés