ATAD III The Directive Proposal for Reporting Requirements Applicable to Shell Companies

ATAD III Knocking on Luxembourg’s Door: The Directive Proposal for Reporting Requirements Applicable to Shell Companies   On 22 December 2021, the European Commission published a proposal for a Directive introducing rules against the use of shell companies in the European Union (Directive 2021/0434, hereafter the “Proposal”). The Proposal is also known in practice as …

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Luxembourg Real Estate Withholding Tax/Tax Declaration Obligations for UCIs

Luxembourg Real Estate Withholding Tax/Tax Declaration Obligations for UCIs The Luxembourg law of 19 December 2020 (hereafter “the Law”)[1] introduced a real estate levy of 20% on real estate income realized by investment vehicles holding real estate located in Luxembourg directly, either through partnerships or through FCPs. As of the accounting year 2021, investment vehicles …

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FINAL REPORT ON TAXONOMY-RELATED PRODUCT DISCLOSURE RTS published by joint committee on sustainable finance

FINAL REPORT ON TAXONOMY-RELATED PRODUCT DISCLOSURE RTS published by joint committee on sustainable finance[1] On 22 October 2021, the Joint Committee on sustainable finance issued its final report on taxonomy-related product disclosures. The report contains in particular draft regulatory technical standards (draft RTS) for the various disclosure obligations mandated by the SFDR and the Taxonomy …

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German Investment Tax Act vs. German Foreign Tax Act

Precedence of the German Investment Tax Act Over the German Foreign Tax Act Under the ATAD Implementation Act Background On 25 June 2021, the German Federal Council (Bundesrat) approved the Act on the Implementation of the Anti-Tax Avoidance Directive, which had already been published in the Federal Law Gazette (Bundesgesetzblatt) on 30 June 2021. The …

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Adoption of the Delegated Act Supplementing Article 8 of the Taxonomy Regulation

EC: Supplementing Article 8 of the Taxonomy Regulation On 6 July 2021, the European Commission adopted the Delegated Act (the “DA”) supplementing Article 8 of the Taxonomy Regulation for review by the European Parliament and Council. The Delegated Act provides for specific details on the content and presentation of information that both financial and non-financial undertakings are …

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New ESG Disclosure Obligation for Financial Market Participants Effective From 30 June 2021

New ESG Disclosure Obligation for Financial Market Participants Effective From 30 June 2021   The European ESG Disclosure Regulation (Regulation (EU) 2019/2088) has been in force since 10 March 2021. The aim of the Disclosure Regulation is, among other things, to establish comprehensive transparency obligations on specific sustainability aspects for all financial market participants. According to the legal definition …

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ESMA GUIDANCE FOR FUNDS’ MARKETING COMMUNICATIONS – -NEW OBLIGATIONS FOR AIFMS AND UCITS MANCOS

ESMA GUIDANCE FOR FUNDS’ MARKETING COMMUNICATIONS[1] – New obligations for AIFMs and UCITS MancoS The European Securities and Markets Authority (ESMA) drafted a consultation paper on guidelines on marketing communications. ESMA invited feedback from interested stakeholders on the proposed guidelines by 8 February 2021 and will consider this feedback with a view to issue final …

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DAC 6: Luxembourg Is Extending Reporting Deadline/Situation for Germany Remains Uncertain

  On 27 July 2020, Luxembourg has published a law amending the reporting deadline regarding cross-border tax arrangements in Mémorial A No. 638. Therefore, the following reporting deadlines apply in Luxembourg:   If the first step of an arrangement was implemented between 25 June 2018 and 30 June 2020, reporting can be made by 28 February 2021. If the first step of …

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Changes to FATCA and CRS Laws – Nil Reports Will Be Mandatory

The Luxembourg Law of 18 June 2020 provides for the following amendments to the FATCA Law (Luxembourg Law of 24 July 2015) and the CRS Law (Luxembourg Law of 18 December 2015):   Mandatory nil reporting:   The CRS Law and the FATCA Law now expressly provide that from 1 January 2021, Luxembourg financial institutions will be …

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DAC 6: German Federal Minister of Finance Comments on Extension of Deadline – Luxembourg Submits Draft Law

On 19 June 2020, we informed you about the decision of the European Council to allow EU Member States to extend the reporting period for cross-border tax arrangements as defined in the DAC 6 Directive by up to six months. The following extensions of the reporting deadline have been proposed:   If the first step of an …

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