On 15 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Q&A on the statuses of PFS-Part II with respect to the granting of loans to the public.
On 13 July 2021, the EU Council of Ministers approved the national recovery and resilience plans (RRPs) of 12 Member States. This means that Austria, Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Luxembourg, Portugal, Slovakia and Spain are now able to tap into the EU recovery and resilience funding. This will allow them to start spending the money on projects and reforms for national economic recovery and resilience, as well as the green transition and digital transformation.
The tax challenges of the digital economy may catch historically non-digital companies by surprise as they “go digital.” Baker McKenzie’s Special Report, Digital Revolution: Transfer Pricing on the Global Tax Battlefield provides insight into digital technology trends non-digital businesses are incorporating and the key tax trends companies must actively navigate including industry sector case studies, transfer pricing considerations, multilateral and unilateral measures, transfer pricing audits and dispute resolution.
In brief On 8 January 2021, the Luxembourg tax authorities released Circular L.I.R. No. 168bis/1 (“Circular”) providing guidance on the application of the interest deduction limitation rule introduced by the Law of 21 December 2018 (“Law”) implementing the Anti-Tax Avoidance Directive (EU) 2016/1164 of 12 July 2016 (ATAD). According to…
On 28 January 2021, the Luxembourg Parliament (Chambre des Députés) adopted1 bill of law 7547 on the non-deductibility of interest and royalty payments made to related parties in non-cooperative jurisdictions (“Law”).
As explained in our tax alert dated 20 April 2020, the new provision amends Article 168 of the Luxembourg Income Tax Law (LITL), which lists non-deductible expenses for taxpayers subject to corporate income tax. The Law therefore completes the scope of non-deductible expenses by adding a rule of non-deductibility of interest or royalty expenses paid by a Luxembourg taxpayer to a related company established in a country or territory appearing on the list of the EU as a non-cooperative tax jurisdiction.
In brief On 31 December 2020, the National Commission for Data Protection (CNPD) published a statement on the applicability of…
The pandemic has impacted our lives in many ways, but for many of us, one of the most affected areas has certainly been work. COVID-19 has indeed led to an unprecedented need and demand for remote working. In recent months, many people have been forced or have chosen to work…
On 14 October 2020, Luxembourg announced new provisions with respect to incentive for highly skilled and qualified workers (“Impatriate Regime”) as part of the 2021 budget bill (“Law”).1
The Impatriate Regime was introduced back in 20112 and was further amended by several circulars, including the most recent Circular LIR No. 95/2 dated 27 January 2014 (“Circular”) which have been repealed in the meantime. The government has now decided to codify the Impatriate Regime under Article 115(13) b. of the Luxembourg income tax law (LITL) and to introduce some limited changes.
The aim of Article 115(13) b. of the LITL remains close to the original objective of the Circular, which was to further enhance the competitiveness of Luxembourg by enabling Luxembourg employers to hire new talent from abroad. The changes introduced by the Law should further simplify the procedure, strengthening the clear intention of Luxembourg to remain attractive from an economic perspective.
Below we describe the regime that will be applicable as from 1 January 2021 while highlighting the main changes compared to the former rules.
Stay up to date with all the latest news and publications on employment law in Poland and the potential impact it may have.
The fund industry has absorbed many regulatory reforms in a decade, most notably with the AIFMD first and the increased level of risk management, monitoring and reporting required from both legislators and professional investors. From a very liberal world of real estate private equity investment in the 2000s to the…