Latest Newsletters & Newsflashes
Oct 10, 2023Court of Justice of the European Union cast shadow over Meta’s business model
On 4 July 2023, in its judgment C-252/21 Meta Platforms Ireland and Others v Bundeskartellamt, the Court of Justice of the EU (the “ Court”) ruled on the interplay between the EU’s competition and data protection regulations, as well as on the core of the business model of the worldwide leading
Oct 10, 2023ECJ admits direct claim filed for reimbursement of overpaid input VAT paid to suppliers
Key takeaways On 7 September 2023, the European Court of Justice (“ ECJ”) issued its ruling in case C-453/22 where a VAT taxable person has been considered entitled to recover overpaid VAT from VAT authorities directly when the latter is not in a position to recover such overpaid VAT from its
Oct 10, 2023Reference for preliminary ruling to the ECJ regarding legal professional privilege and exchange of information
In a judgment dated 11 July 2023 ( docket No. 48677Ca and 48684Ca), the Luxembourg Higher Administrative Court ( Cour administrative) (the “ Court”) referred several questions to the European Court of Justice (the “ ECJ”) for a preliminary ruling. The questions focus on the application of legal
Oct 09, 2023Directive proposal establishing a head office tax system for SMEs in Europe
One-stop shop for EU SMEs with EU permanent establishment(s) On 12 September 2023, the European Commission (“ EC”) proposed a Directive establishing a Head Office Tax system for micro, small and medium sized enterprises and amending Directive 2011/16/EU. The contemplated Head Office Tax (“ HOT”)
Oct 09, 2023Draft Law No. 8291 on the digital operational resilience of the financial sector
On 4 August 2023, the draft law No. 8291 (the " Draft Law") aimed at (i) implementing Regulation (EU) 2022/2554 of 14 December 2022 on the digital operational resilience of the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU)
Oct 06, 2023ESMA opinion on undue costs requirements for AIFS and UCITS
Background On 17 May 2023, ESMA issued its opinion on undue costs of UCITS and AIFs (the “ Opinion ” ). The Opinion follows ESMAs Common Supervisory Action ( “CSA”) with National Competent Authorities ( “NCAs”) launched in January 2021. The aim of the CSA was to assess compliance with the cost
Oct 06, 2023New provisions in favor of highly qualified third-country workers
On 30 August, the Luxembourg Parliament (“ Chambre des députés”) tabled draft law No.8304 (the " Draft Law") amending the law of 29 August 2008 on the free movement of persons and immigration (the " Law"). The Draft Law aims at transposing into national law Directive (EU) 2021/1883 of 20 October
Oct 05, 2023Directive proposal on business in Europe | Framework for income taxation (BEFIT)
A harmonized taxable basis for the EU On 12 September 2023, the European Commission (“ EC”) proposed a Directive on Business in Europe: Framework for Income Taxation (“ BEFIT” or the “ Proposal”). The Proposal replaces to a certain extent the Common Corporate Tax Based and Consolidated Corporate Tax
Oct 04, 2023Changes to the subscription tax introduced by the law and Grand-Ducal regulation of 21 July 2023
The law and RGD of 21 July 2023 The law of 21 July 2023 entered into force on 28 July 2023, and contained many changes amending all of the fund product laws, amongst which changes to the subscription taxes levied on certain funds. At the same time Grand-Ducal regulation was published the purpose of
Oct 04, 2023Virtual Asset Service Providers | New CSSF Q&A
On 17 August 2023, the CSSF published its first set of questions and answers on virtual asset service providers (" VASP") (the " Q&A "). In its Q&A, the CSSF provides clarity on some key questions, such as who has to register as a VASP with the CSSF and when that registration should be done
Oct 03, 2023A suspension of the tax limitation period complies with principles of legal certainty and effectiveness of EU law
On 13 July 2023, in its judgement rendered in case C-615/21, the European Court of Justice (the “ ECJ”) ruled that the interruption of the statutory limitation period in respect of the right of the tax authorities to assess VAT is in line with the principles of legal certainty and of effectiveness
Oct 03, 2023Double tax treaty Luxembourg | Cape Verde
Entry into force The income and capital double tax treaty between Cape Verde and Luxembourg was signed on 13 January 2022 (“ DTT”). On 21 June 2023, the Luxembourg Government Council approved the ratification of the DTT. The DTT will enter into force as from 1 January of the year following the
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