Published in February 2024

As the European Union intensifies its cybersecurity framework, Luxembourg is on the verge of integrating the NIS2 directive (published on 16 January 2023 by the European Commission) EU member states must adopt and publish national legislation. This directive signifies a leap towards a unified high-level cybersecurity posture across the EU, emphasizing the importance of preparedness and resilience against cyber threats

Luxembourg’s Approach to Enhanced Cybersecurity Measures: Understanding the NIS2 Directive

NEWS FLASH

Published in January 2024

On 10 January 2024, Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023, amending the original ELTIF Regulation (EU) 2015/760 (the « amended ELTIF Regulation ») entered into force

New update of the European long-term investment funds (ELTIF) regulation. Concerns about ELTIF regulatory technical standards, what are the answers?

NEWS FLASH

Published in November 2023

A recent ruling (TA 45910) (PDF, 1.5MB) by Luxembourg’s Lower Administrative Court (Tribunal administratif) on April 18, 2023, has ignited discussions around the constitutionality of Luxembourg’s minimum net wealth tax, especially concerning its application to holding companies compared to other entities in Luxembourg...

Luxembourg Tax Alert 2023-15 Revision

NEWS FLASH

Published in October 2023

With the adoption of the DAC8 Directive on October 17, 2023, the European Union marks a critical step in financial regulation, specifically regarding the exchange of tax information.

This recent directive, aimed at reinforcing transaction reporting obligations for crypto-asset service providers, also impacts other standards, such as DAC2 (Common Reporting Standard – CRS) and DAC6.

Following last year’s OECD initiative to increase tax transparency around crypto assets (see our October 2022 newsletter), DAC8 materializes these new directives...

DAC8 Directive: New Chapter for European Tax Transparency.

NEWS FLASH

Published in July 2023

The Act Modernizing Luxembourg Fund Product Laws and AIFM Act has been officially published. This act, passed by the Luxembourg Parliament on 11 July 2023 as bill of law n°8183, introduces amendments to five existing laws related to alternative investment funds (AIFs) and alternative investment fund managers (AIFMs). These laws include the UCI Act, SICAR Act, SIF Act, RAIF Act (collectively referred to as the « Fund Product Laws »), and the AIFM Act…

Publication of the Act Modernizing Luxembourg Fund Product Laws and AIFM Act

NEWS FLASH

Published in June 2023

The European Commission has presented a new package of measures aimed at developing and strengthening the foundations of the EU’s sustainable finance framework. The objective of the package is to ensure that this framework continues to support businesses and the financial sector, while encouraging private financing of transition projects and technologies. Specifically, the Commission is expanding the EU taxonomy with additional activities and proposing new rules for Environmental, Social, and Governance (ESG) rating agencies…

Enhancing EU’s Sustainable Finance, new Measures Unveiled.

NEWS FLASH

Published in June 2023

Luxembourg, renowned for its strong financial sector and commitment to international tax cooperation, has recently enacted the DAC 7 Law. The new legislation establishes the framework for the Automatic Exchange of Information (AEoI) by digital platform operators, ensuring greater transparency and tax compliance in the digital economy. This landmark move reinforces Luxembourg’s position as a leader in embracing digitalization while upholding global tax standards…

Luxembourg Passes DAC 7 Law for Automatic Exchange of Information by Digital Platform Operators

NEWS FLASH

Published in May 2023

The Commission de Surveillance du Secteur Financier (CSSF) has announced an extension of the deadline for submitting digital data as part of the data collection exercise to monitor compliance with Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). This decision aims to provide financial market participants with additional time to comply with the new requirements…

CSSF Extends Deadline for Submission of Digital Data for SFDR Compliance Monitoring

NEWS FLASH

Published in April 2023

On 24 March 2023, the Commission de Surveillance du Secteur Financier (CSSF) released a press release requesting specific financial market participants (FMPs) to participate in a mandatory data collection exercise concerning pre-contractual product disclosure information under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector as amended (SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, as amended (Taxonomy Regulation)…

CSSF Issues Mandatory Data Collection Exercise for SFDR and Taxonomy Regulation by June 15, 2023

NEWS FLASH

Published in April 2023

The Bill of Law 8186 (“the Bill”), presented on March 28th, 2023, introduces certain changes to the General Tax Law (Abgabenordnung, “AO”) that help clarifying and modernizing some procedural aspects in tax matters, together with Transfer Pricing (“TP”) matters. Further guidance in the above-mentioned matters is expected in the envisaged Grand Ducal Regulations

Luxembourg Bill of Law n° 8186 Simplification and clarification of some tax matters

NEWS FLASH

Published in April 2023

The European Long-Term Investment Fund or so called «ELTIF» has been introduced in the European legislation pursuant to the Regulation EU (2015/760) issued by the European Parliament and European Council relating to the ELTIFs on 29 April 2019 (the “ELTIF Regulation”) to promote long term finance by raising and channelling capital toward long-term investments in the real economy in line with the European Union’s objective of smart, sustainable…

ELTIF 2.0 New Opportunities

NEWS FLASH

Published in March 2023

EU Blacklist (“Blacklist”) was established by EU Council in December 2017 as part of the strategy to promote good taxation governance worldwide. The blacklist identifies countries considered non-cooperative for tax purposes, i.e., countries that fail to meet EU’s criteria for good tax governance principles (mainly involving tax avoidance and harmful practices). The three main criteria to be assessed are tax transparency…

EU Blacklist update Non-cooperative jurisdictions for tax purposes

NEWS FLASH

Published in March 2023

Following on the Higher Administrative Court (“Cour Administrative”) case N°39193C originated on 23 November 2017, the Lower Administrative Court (“Tribunal Administratif”) confirmed the position in the case N°42432 on 27 January 2023 concerning the Luxembourg tax treatment of the redemption of alphabet shares…

Luxembourg tax treatment of alphabet shares redemption: potential hidden dividend distribution subject to 15% Withholding Tax

NEWS FLASH

Published in March 2023

Following the recent changes to the RBE, it has been decided to put in place a procedure for entities to access their own RBE data by means of a confidential code. This code will be sent progressively by post to the head office of each registered entity that has registered to the RBE. Further information on the process is …

Information on recent access changes to the Register of Beneficial Owners

NEWS FLASH

Published in November 2022

We are pleased to inform you that our group has been selected as exclusive provider of Central Administration, Domiciliation
and AIFM services for Timberland’s 3rd Timber Fund (the “Fund’), to be …

Timberland Investment Resources

NEW BUSINESS

Published in November 2022

The Administration de l’Enregistrement, des Domaines et de la TVA (« AED »), as supervisory authority for unregulated AIFs not supervised by the CSSF, has imposed a deadline of 12 November 2022 to obtain the identification of the RR (« Responsable du Respect des Obligations Professionnelles ») and the …

AED has fixed a new deadline of 12/11/2022 for Luxembourg AIFs

NEWS FLASH

Published in June 2022

On 7 June 2022, the Luxembourg Government signed a new Double Tax Treaty (“the New DTT”) with the UK. The entry into force is subject to completion of the ratification processes …

New Double Tax Treaty signed between Luxembourg and the United-Kingdom (“UK ”)

NEWS FLASH

Published in May 2022

Following the CSSF’s FAQ on 25 November 2019, Luxembourg Funds are required to appoint: A person among the members of their management bodies to be in charge of compliance with …

RR/RC Services

NEWS FLASH

Published in March 2022

The Luxembourg Trade and Companies Registry (“RCS”) published a document as regards the new administrative formalities which needed to be complied with, initially, as of 31 March 2022 [whilst filing documents at the RCS] (the « Guidelines »). The initial effective date has been postponed and a new effective

Additional RCS submission rules

NEWS FLASH