JD Supra Luxembourg

Publisher:: JD Supra
Publication date:: 2019-04-29

Publisher

JD Supra (238)

Law Firm

Latest documents

Luxembourg, the space to be
Luxembourg is a jurisdiction, globally well-known for its fund industry (2nd place in the world for investment funds), but finance is not the sole sector you should have in mind while thinking of Luxembourg. The space sector, in all its diversity (from mining to satellite), is designed to be a future pilar of the country, being already known globally among the key players as a jurisdiction of choice. Let us share the key facts and figures you should know.
New law modernising Luxembourg investment funds takes effect
On 28 July 2023, the law of 21 July 2023, which modernises the laws governing UCITS, Part II UCIs, SIFs, SICARs, RAIFs and Luxembourg asset managers, enters into force (the Law). Please see Publication below for more information.
Luxembourg case law briefing – corporate law highlights
We are very pleased to present our second Luxembourg corporate law focused case law briefing. - In this second edition, we have focused on those decisions published in 2020 and 2021 which we have identified as the mostrelevant for actors navigating the corporate sector. Topics as diverse as minority shareholder action, coexistence of an employment contract and corporate mandate, and directors’ duties and liabilities are covered, always with the intention to inform and explain the practical scope rather than present a full academic analysis. Please see Publication below for more information.
CSSF clarifies the requirements for persons willing to benefit from the limited network exclusion under PSD II
On 18 May 2022, the CSSF published CSSF circular 22/812 (the CSSF Circular) through which it integrates into its administrative practice and regulatory approach the EBA guidelines on the so-called limited network exclusion (LNE) under Directive 2015/2366 (PSD II) (the Guidelines). The LNE enables service providers to issue certain payment instruments or e-money without requiring a licence under PSD II. In this context, the CSSF also published a press release with further details on the notification process for persons willing to benefit from the LNE (the Press release) and a specific template notification form. Please see full Publication below for more information.
New Protocol to Luxembourg-Russian Double Tax Treaty Set to Take Effect
On 6 November 2020, Luxembourg and Russia signed a Protocol amending the Luxembourg-Russian Double Tax Treaty. This new Protocol provides new withholding tax rates and rules for the taxation of dividends and interest payments. The legislation will take effect beginning 1 January 2022.
Luxembourg: New Rule Disallowing Deduction On Payments To EU Non-cooperative Countries
Luxembourg has introduced new legislation disallowing the deduction of interest and royalties owed by Luxembourg corporate taxpayers to associated enterprises established in a jurisdiction included in Annex I of the European Union list of non-cooperative jurisdictions for tax purposes. This new provision applies as of 1 March 2021. Below is a summary of the main points covered by this law...
Luxembourg: Q&A - Employer COVID-19 Vaccination Policies
WLG asked member firms around the globe to provide some insight on employer and employee rights when it comes to requiring the COVID-19 vaccine to return to work. Responses for Luxembourg.
Luxembourg Tax Authority Issues New Guidance On Mutual Agreement Procedure
On 11 March 2021, the Luxembourg Tax Authorities published a Circular providing guidance on the process for initiating the mutual agreement procedure (“MAP”) under bilateral income tax treaties and explaining the interaction with other procedures and legal remedies. Under Article 25 of the Organization for Economic Co-operation and Development (OECD) Model Tax Convention, which is included in most of the double taxation treaties signed by Luxembourg, the MAP aims to provide a mechanism to resolve cross-border tax disputes arising from the interpretation or application of a double tax treaty provision by means of a non-judicial procedure.
Luxembourg Tax Authorities Issue Administrative Guidance On Application Of Interest Limitation Rules
On 8 January 2021, the Luxembourg Tax Authorities published a Circular clarifying the interest limitation rules introduced in Luxembourg legislation in 2018, which implemented the European Union Anti-Tax Avoidance Directive 2016/1164 (ATAD 1). As a reminder, this legislation provides a limitation on the deduction of net financial costs referred to as exceeding borrowing costs (EBC). These rules limit the deductibility of borrowing costs to 30% of taxable EBITDA (Earnings before Interest, Tax, Impairments, Depreciation and Amortization). A de minimis rule allows the taxpayer to deduct EBC up to €3 million.
Dentons COVID-19 Retail Tracker - Luxembourg
Status – Has any special status been introduced? No state of crisis. - The state of crisis was lifted at midnight on June 24, 2020. Emergency measures adopted by the government by way of regulation ceased to have effect and were automatically repealed.