The government announced that as of 20th April 2020, masks (or alternative face protections) are mandatory when going outside (for authorised reasons only) when the required interpersonal minimum distance of 2 meters cannot be guaranteed. This measure is also applicable in the work environment. On 17th April 2020, a new grand-ducal regulation introducing a series of health and safety measures to fight against Covid-19 entered into force ...
On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.Following on the awareness workshops launched by the MOF, such update provides some clarification on substantive and procedural aspects pertaining to the implication and implementation of VAT ...
On 27 August 2017, the United Arab Emirates (the "UAE") published the text of its domestic Value Added Tax (the "VAT") Law, shortly after releasing the text of its Excise Tax Law last week, and the Federal Tax Procedures Law earlier this month. It will be followed by implementing regulations, which will provide more detail on application of the VAT Law.The UAE Government is still planning to introduce VAT on 1 January 2018 ...
Disclaimer: To provide employers with quick and practical information about how to comply with their obligations between now and the entry into force of the Law (as defined below), this newsflash has been prepared on the basis of Bill of law n°7890 as debated and voted on in Parliament on 13 June 2023 ...
The enactment of EU Directive 2018/843 on the prevention of the use of the financial system for money laundering or terrorist financing (the "5th AML Directive") has prompted the Luxembourg government to accelerate the final implementation process of EU Directive 2015/849. This Directive prevents the use of the financial system for the purposes of money laundering or terrorist financing (the “4th AML Directive”) ...
We would like to kindly remind you that from 7 January 2019 to 28 March 2019, the Financial Conduct Authority ("FCA") online system ‘Connect’ is open for EEA-based firms and fund managers of EEA-domiciled investment funds (UCITS and AIF) currently passported into the UK to notify the FCA about their intention to participate in the temporary permissions regime (“TPR”) ...
The transitional period linked to the Covid-19 pandemic ends on 30 June 2023. As a result, the social security thresholds for teleworking come into effect again, with all the obligations and administrative formalities that this entails. However, some cross-border teleworkers and their employers will be subject to new rules under the new European telework framework agreement_ signed by Luxembourg on 5 June 2023. 1 ...
Earlier this year, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés) ...
General Trends – EU & international tax > Click here for more details 2022 was another year rich in tax developments in Luxembourg and Europe. In an exceptional economic and geopolitical context, the European institutions continued to launch and implement international tax initiatives ...
On 22 December 2022, the Commissariat aux Assurances (the CAA) released Circular Letter 22/22 on the takeover of intermediation in certain types of life insurance contracts (Circular 22/22).This circular provides guidelines on issues that may arise in the context of a takeover of insurance intermediation (reprise d’intermédiation). 1 ...
As expected, Luxembourg has adopted a restrictive approach of the provisions provided for under the MLI and has sought to limit the scope and impacts of this new layer of international legislation to the minimum standards required. However, the new PPT and the impact on structures and the application of tax treaties need to be carefully monitored in the furture for new and existing structures ...
The government announced that as of 20th April 2020, masks (or alternative face protections) are mandatory when going outside (for authorised reasons only) when the required interpersonal minimum distance of 2 meters cannot be guaranteed. This measure is also applicable in the work environment. On 17th April 2020, a new grand-ducal regulation introducing a series of health and safety measures to fight against Covid-19 entered into force ...
The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs. At the of 2017, the Luxembourg Parliament published two draft laws to implement new transparency measures provided by Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLD 4”) ...
Following the Court of Justice of the European Union (the "CJEU") ruling which invalidated the "public access" feature of the Luxembourg Register of Beneficial Owners (the "RBE"), the Ministry of Justice required Luxembourg Business Registers (the "LBR") to immediately suspend all public access to the RBE pending the introduction of access rights more in line with the conclusions of the CJEU’s ruling ...
On 8 February 2017, the Luxembourg Parliament voted a new law on immigration (hereafter the “Law”) which aims at increasing Luxembourg’s attractiveness as a host country for foreign talents. The main innovation of the Law is to implement a new category of residence permit in Luxembourg for investors. Immigration represents a major pillar of Luxembourg’s economy which has always relied on foreign labour and investments ...
The Convention between Ukraine and Luxembourg for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital and its Protocol have been ratified by the Government of Ukraine. Background On 6 September 1997 Luxembourg and Ukraine signed a first treaty ("Treaty"), which has been amended by a protocol signed on 30 September 2016 ("Protocol"). Both have been ratified by Luxembourg, on 1 August 2001 and 23 December 2016 respectively ...
In it the CSSF clarified its interpretation of the concept of lending to the “public”, an information relevant for the non-bank lending industry and, in particular, for private debt funds with a loan origination activity. Background In general terms, the granting of loans to the public on a professional basis is a regulated activity which is subject to authorisation by the CSSF under Article 28-4 of the law of 5 April 1993 on the financial sector ...
The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.On 4 July 2017 the European Supervisory Authorities (ESAs) published a Questions and Answers document related to the PRIIPs KID which reverts to questions linked with the presentation, content and review of the KID, including the methodologies underpinning the risk, reward and costs information ...
In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one ...
On 8 March 2017, the European Commission adopted a Commission Delegated Regulation, including Annexes (PRIIPs RTS), supplementing the Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs RTS provide for regulatory technical standards regarding the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide KIDs ...
The European Parliament and the Council of the EU have issued statements of non-objection to the revised draft RTS under the PRIIPs Regulation which were endorsed last month by the European Commission. Finally, the long-awaited level 2 measures have been agreed on and further guidance on level 3 as well as level 4 by the ESAs and the European Commission is expected in the near future ...
In December of 2018, EU Court of Justice Advocate General Campos Sánchez-Bordona concluded that the United Kingdom may unilaterally withdraw its intention to leave the European Union before 29 March 2019 and therefore remain in the EU. This is so long as the revocation notice is made before the formal conclusion of a withdrawal agreement and it respects the UK’s constitutional requirements ...
POLITICAL AGREEMENT WITH THE EUROPEAN PARLIAMENT ON THE PROPOSED DIRECTIVE ON THE DISCLOSURE OF INCOME TAX INFORMATION BY CERTAIN UNDERTAKINGS AND BRANCHES _____________________________________ On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-count
Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target transactions between institutions (credit institutions and investment firms) ...
On 14 March 2021, the law of 5 March 2021 on certain rules for the implementation of Regulation (EU) No 2019/1150 of the European Parliament and of the Council of 20 June 2019 on promoting fairness and transparency for business users of online intermediation services (the “P2B Regulation”) (hereinafter the “Law”) entered into force ...
