Recent trends in global tax rates: the calm before the storm?

The results of KPMG’s 2015 Global Tax Rate Survey are in: although corporate tax rates have remained relatively steady in the last year, the calm seas are not expected to last long. New strategies following recovery from the crisis, along with new influences like BEPS, are fuelling governments to start making changes such as widening tax bases and resuming the long-term lowering of corporate tax rates. The question around here, naturally, is… to what extent will Luxembourg follow these trends?


Circling round the circular economy

The idea of the circular economy has been around for decades. Essentially it refers to an economy that is made up of materials that either biodegrade or circulate at high quality without harming the environment. And it’s becoming increasingly important that we move towards one, not only because material-rich countries like China are now using more than they are producing, but because global overconsumption has already led to a sharp reduction in available resources—and a reversal of this trend is nowhere in sight. One day our economy will not be able to find what it needs on the market, so by then it has to be well on its way towards a truly circular economy.


3 M&A deals that fell short of their potential (part 1)

According to KPMG’s 2015 M&A Outlook Survey, we appear to be entering a new age of M&As: a resounding 82% of respondents were planning to make (at the time of the questionnaire) at least one acquisition in 2015. But M&A deals can be touchy: it’s one thing to go out and buy some exotic ingredients—but have you prepared a recipe that’s going to work? Considering that, on average, only one deal in three actually brings value, setting the right strategies in place pays dividends.


PRIIPs KID: why a 2017 law needs your attention now

The 2007-08 financial crisis brought with it a scrutiny of financial practices. One observation that cropped up involved retail investor protection: some financial products lacked transparency, and consumers didn’t always understand the risks associated with financial investments. The combination meant a real disadvantage for investors.


New guidelines released on alternative performance measures

The European Securities and Markets Authority (ESMA) has finally published its final report on alternative performance measures (APMs). The objective of this initiative is to encourage European issuers to publish transparent, unbiased, and easily-comparable information on their financial performance, so as to make investor decision-making easier and fairer.


Fund tax reporting – Germany (Part 2)

The recent initiative of the German Federal Ministry of Finance to reform German investment fund taxation has aroused intense indignations. The main effort of this reform is to simplify fund taxation in Germany and to eliminate EU-level legal risks. On 22 July 2015, the Ministry of Finance issued a first discussion draft which proposes fundamental reforms of German investment fund taxation and changes to tax liability reporting at the fund level. What does this mean for funds and why is it important for Luxembourg businesses?


How to raise capital from Europe: a guide for non-European asset managers

The 2007-08 financial crisis has prompted European politicians to rethink how asset managers should operate in the European Union (EU). The result is a new piece of regulation, the Alternative Investment Fund Managers Directive (AIFMD), which is now in force in all 28 Member States of the EU.[1] This legislation affects all European asset managers that were not already regulated under the mutual funds directive (UCITS), and applies to the management of hedge funds, real estate, private equity, debt funds, and others. But it also impacts the way non-EU asset managers can raise capital using their non-EU funds.


Four insurance sector trends you should be watching (part two)

If you haven’t done so already, check out part one of our series on trends in the insurance sector. We gathered our team together to break down what’s on the horizon in 2016 for Luxembourg’s insurance market. Keep reading for part two, where we’re looking at two more trends.