Published in March 2025
On 28 October 2024, the European Commission introduced a new proposal to amend Directive 2011/16/EU, known as “DAC 9”, which aims to simplify tax reporting obligations for large multinational companies. This directive is part of the implementation of OECD Pillar 2, which introduces rules to ensure minimum taxation worldwide …
Published in March 2025
The Luxembourg Business Registers (LBR) has recently announced significant changes regarding the update of Luxembourg national identification numbers for individuals registered in the Trade and Companies Register (RCS). These changes aim to enhance the quality and accuracy of the information contained in the RCS, in compliance with current legal requirements …
Published in November 2024
On May 23, 2024, the Luxembourg Government presented a draft law to the Luxembourg Parliament, which intend to clarify the concept of “partial liquidation”, which is not subjected to withholding tax and occurs when an entire shareholding is redeemed, leading to a capital reduction …
Published in October 2024
The circular, published on 21 October 2024, provides guidelines on the use of ESG (Environmental, Social, and Governance) or sustainability-related terms in fund names. The purpose of these guidelines is to ensure that fund names using such terms are not unfair, unclear, or misleading. The guidelines are based on various European directives and regulations, including the AIFMD and the UCITS Directive…
Published in June 2024
In Luxembourg, European Directive 2019/2121 of November 27, 2019, on cross-border conversions, mergers and divisions (the “Mobility Directive”) is currently being transposed via draft law 8053 of July 27, 2022 (the “Draft Law”)…
Published in April 2024
The European financial regulatory framework is set for a seismic shift with the introduction of AIFMD II, an update to the Alternative Investment Fund Managers Directive. This evolution marks a pivotal moment for the alternative investment industry, promising to redefine practices, priorities, and the very fabric of investment management in Europe…
Published in March 2024
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines: Existing companies: Reporting companies created or registered to do business in the United States before January 1st, 2024 must file by January 1st, 2025…
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…
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…
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...
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...
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…
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…
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…
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…
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)…
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…
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…
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…
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…
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 …
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 …
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 …
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 …
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 …
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