Update as of 23 December 2022. Adoption of the Luxembourg Draft Law on the 2023 Budget

Update as of 23 December 2022. Adoption of the Luxembourg Draft Law on the 2023 Budget On 12 October 2022, the Luxembourg Minister of Finance, Yuriko Backes, submitted to the Chamber of Deputies a draft law on Luxembourg’s state budget for 2023, the “Budget.”[1] The Budget contains few measures for the year ahead, most of …

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Unrestricted Access to Transparency Register Violates EU Law

Unrestricted Access to Transparency Register Violates EU Law The Court of Justice of the European Union ruled on 22 November 2022  that unrestricted access to information on the beneficial owners of companies under Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention …

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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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