Luxembourg corporate tax landscape for 2015: 6 key tax focus areas

Traditionally, the beginning of each tax year brings a certain number of new tax rules which are important for corporate taxpayers to keep in mind. 2015 is no different and business executives will thus need to keep a close eye on a number of important corporate tax developments that could affect their company operations in 2015, in particular for multinational groups engaged in cross-border transactions.


Divergence is what we see: IFRS compared to US GAAP 2014

In May 2014, the IASB (International Accounting Standards Board) and the FASB (Federal Accounting Standards Board) published a joint standard on revenue from contracts with customers. Having a fully converged standard in an area of accounting that affects virtually every company is in itself a major achievement. For other major joint projects, however, it appears that full convergence will not be achieved – e.g. with respect to loan loss impairment, insurance contracts and, as it currently stands, leases.

The birth of a new innovative fund product

Its name is ELTIF or European Long Term Investment Fund.
Its purpose is to boost European long-term investments in the real economy, especially infrastructure.
It will come into effect 6 months after the publication in the EU Official Journal, expected for the beginning of the year.
Why is it an innovative product? What are its main characteristics? What are the market opportunities?


6 Real Estate trends to watch in 2015

The world in which we live and work is changing rapidly and it’s sometimes difficult to spot the trends that will shape the coming years. We have been tracking these trends and considering the potential implications for the real estate industry. Here’s what we’ll be watching in 2015:

auge kleines

Ich schau Dir in die Augen, Kleines (Land)

Zieht man ein Resumee des Jahres 2014 über den Fondsbereich in Luxemburg, so hat sich dieser trotz ungewisser Marktlage zu Beginn des Jahres doch erfreulich entwickelt. Bei der alljährlichen Investmentfondskonferenz des scheidenden KPMG Partners Walter Koob konnte ein Anstieg der „Assets under Management“ um 355 Mrd. EUR bis Ende August 2014 präsentiert werden – Tendenz steigend. Ein Ausbruch der Euphorie ist aufgrund des anhaltenden Margendrucks jedoch nicht zu verzeichnen. Die Marktteilnehmer sind bestrebt, dieses Wachstum voranzutreiben, was nur durch das Zusammenbringen der Nachfrage nach Anlagemöglichkeiten mit einem entsprechenden Angebot erfolgen kann.


First ever “Women in Private Equity Forum”

It would be no overstatement to say that I was delighted to be asked along for a first in the history of the PE industry: the “Women in Private Equity Forum” held in London late 2014. The conference brought together female leaders in the private equity and alternative assets community – including LPs, GPs and consultants – from across the globe. The event sought to challenge and debate issues facing the industry, covering topics as diverse as regulation, diversity, work/life balance and board contribution.

Some Christmas magic, signed KPMG

Can’t see the video or access YouTube? Follow the link to download the video.
For the Christmas season, we have the pleasure of putting our signature – not to an audit opinion – but rather to a thanks and a hope. To inject a bit of magic into Christmas, we’ve reimagined our new home on Kirchberg-Luxembourg as a magical greeting for the holiday season. We hope you’ll accept this as our thanks to you – blog readers, clients, staff, acquaintances and friends – for your help, support or mere curiosity over the past twelve months.


Home is where the substance is

The era when a company could use a mere letterbox are about to become a legend.

“Substance over form”

This principle is well-known to accountants and is gaining momentum among tax experts. The increasing importance of economic substance is a logical consequence of various actions undertaken by national or supra-national bodies, such as the OECD’s recommendations on transparency and substance, transfer pricing regulations and base erosion and profit shifting (BEPS) action plans.


IAS 39 is history, IFRS 9 a mystery? Expected credit losses explained

From 2018, IAS 39 will be history and IFRS 9 can no longer be a mystery as a variety of financial statement preparers may find themselves affected by the changes.


Withholding taxes suffered in France? 31 December is a date to remember

Investment funds who unduly suffered withholding taxes on French sourced dividend payments will, by the end of this year, see the period for which they can claim a refund reduced to two years. As a consequence, it is time to protect your rights by filing a protective claim prior to the year end.