A mature market
Up until 2011, it seemed that Islamic Finance may never stop growing. With large scale growth in Muslim countries, Islamic Finance reached maturity. Non-Islamic countries then woke up to its potential: London become a well-known hub for Islamic banks and Luxembourg emerged as a leading domicile for Shariah compliant funds. But then… something happened.
For the second time the LPEA (Luxembourg Private Equity and Venture Capital Association) Roadshow to Zurich took place in this nice city with its historical coulisse where time seems to be passing by a little slower than everywhere else. This time – in cooperation with SECA (The Swiss Private Equity & Corporate Finance Association) – the roadshow was held not far from the plateau observation deck, in the remarkable Hotel Widder, which is built on the site of Roman and Celtic ruins, decorated with 15th-century frescoes combining history with future trends.
Seit diesem Jahr ist es für das deutsche Finanzamt sehr leicht, Informationen über das Gehalt von deutschen Grenzpendlern zu erhalten: Sie werden ihm nämlich automatisch übermittelt.
Dass dies Risiken birgt, ist den meisten deutschen Grenzpendlern klar: Denn die Angaben des Grenzpendlers in seiner deutschen Steuererklärung müssen mit den Informationen übereinstimmen, die dem deutschen Finanzverwaltung aus der automatischen Übermittlung vorliegen.
Looking at year-by-year returns in the public equity markets, one could not be happier. All major indices are jumping from all-time high to all-time high. Dance, while the music is playing – Yellen and Draghi are your favorite DJs these days. In the end, the liquidity has to go somewhere. The largest Limited Partners (“LPs”) of Private Equity funds are nowadays complaining about more cash being distributed to them than called for by the General Partners (“GPs”), as could be heard in this year’s SuperReturn International conference in Berlin, Germany.
In our previous blog, we looked at the main points covered by the new revenue standard. However, taking a bigger picture view, what has changed and what will the impact be …
Historically, tax practice in general and tax reporting in particular have been a low-tech /paper-based business. But now, things are changing and they are changing at a high pace. Particularly in the area of operational taxes we are seeing a new wave of initiatives that lean towards enhanced exchange of information from financial institutions to tax authorities (and subsequently between tax authorities).
In light of the increased amount of information that needs to be exchanged and the advances in information technology, we are seeing a shift towards more automation, connectivity and use of electronic filing alternatives.
Over the years, Luxembourg has developed a strong reputation as a center of excellence for a large variety of investment funds. Assets under management in regulated funds has now exceeded EUR 3 trillion, renewed evidence of this success story.
Luxembourg has also been a pioneer in the structuring of real estate investments and has emerged as the leading domicile in Europe for vehicles investing directly or indirectly in internationally diversified real estate portfolios.
AIFMD Regulatory Reporting gets European: this would be the perfect way to describe the latest round of reports submitted for asset managers. Why? Because more and more national regulators have opened up their systems to receive AIFMD reports.
Whereas the most recent reporting deadline for fund of funds was mid-February, alternative investment fund managers (AIFMs) for non-fund of funds are already preparing for either the next quarter or – in countries where the reporting deadline has been postponed – for the filing process.
The new revenue standard may affect the way the real estate and construction industry accounts for revenue. Issued on 28 May 2014, it replaces all existing guidance on revenue recognition under several standards and interpretations and introduces a new comprehensive revenue recognition model for contracts with customers.