Whistleblower protection: from EU Directive to Luxembourg law

Here in Luxembourg, the transposition of EU Directive 2019/1937 on the protection of persons who report breaches of Union law (whistleblowers) is still in progress. EU member states have until 17 December 2021 to implement this directive into their national legislations. Until today, Luxembourg law has provided limited protection to whistleblowers (unless the […]

Internally generated GDPR module: to capitalize or not to capitalize?

Did you know that IAS 38 Intangible Assets is almost half a century old? In fact, the first exposure draft dates all the way back to 1977. So, if you think that the first portable computer was only produced in 1981, you can get an idea of just how old it is and how different technology was at that time. In the Digital Era where intangible assets are a company […]

Part 2: DAC7 & record-keeping obligations for digital platforms

Welcome to Part 2 where we take a closer look at DAC7 which introduces an automatic exchange of information between Member States’ tax administrations for income generated by sellers on digital platforms. In its political guidelines (“A Union that strives for more”) for the next European Commission 2019-2024, the EU Commission reiterated its willingness […]
5

New VAT obligations for electronic marketplaces

“It was high time we updated our tax rules to reflect the growing importance of digital platforms for the European Economy. Once the new rules (…) are adopted and implemented, national authorities will automatically exchange information on the revenues generated by sellers on these platforms, and those sellers will benefit from simpler administrative procedu […]
11

US GAAP: an acceptable accounting principle in Luxembourg?

As more and more US-based asset managers choose Luxembourg for their next alternative investment funds (AIFs), the question they invariably ask is whether they can keep the accounting principles they are using for their current structures: United States Generally Accepted Accounting Principles (US GAAP). Many of these asset managers also run parallel funds al […]
5