Newsletters & Newsflashes

In its judgment of 10 December 2020, the Luxembourg Higher Administrative Court ( Cour administrative) had to assess whether revaluation reserves booked in the annual accounts of a Luxembourg resident company should be included in the taxable income. The case submitted to the Court concerned a

On 29 September 2020, the Lower Administrative Court ( Tribunal administratif) handed down several decisions in cases involving requests for information that the Luxembourg tax authorities (hereafter the “ LTA”) had addressed to several Luxembourg lawyers and law firms whose names had appeared in

On 8 January 2021, the Luxembourg tax authorities issued a circular ( Circulaire du directeur des contributions L.I.R. n°168bis/1 du 8 janvier 2021) (the “ Circular”) on the interest deduction limitation rules (“ ILR”) as foreseen in Article 168bis of the Luxembourg income tax law (“ LITL”)

On 2 July 2020, the European Court of Justice (“ECJ”) issued its judgment in case C‑835/18, SC Terracult SRL on the possibility for a taxable person to adjust an invoice and claim a refund of unduly paid VAT despite a final VAT assessment having been issued. The case concerned a Romanian commercial

In an administrative circular dated 1 December 2020 (the “ Circular”), the Luxembourg tax administration confirmed that, following the judgment of the European Court of Justice (hereinafter the “ ECJ”) in GVC Services (Bulgaria) EOOD (C-458/18), the Parent-Subsidiary Directive (hereinafter “ PSD”)

Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “ UCITS FAQ”) and an updated

BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “ Guidelines”). As a reminder, the guidelines provide comprehensive guidance to fund managers when designing performance fee models for the

On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, Title III of the same Law (the “ FAQ” and the “ Law”). The Investor Compensation Scheme or Système d

On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “ Communication” and the “ eDesk Module”), announcing the progressive digitalisation for the reception and processing of a series of requests, including both those submitted at the initiative of

Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts and the provision of sustainability – related information, as well as

BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “ Draft Law”). The scope of the Draft Law includes, inter alia, an amendment to the law of 17 December 2010 relating to undertakings for collective investment (the “ UCI Law”). SCOPE The Draft Law

As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ ESRB”) published a recommendation to address liquidity risk in investment funds, requesting that ESMA: coordinates with the EU