Financial Services
Spotlight on subscription tax: recent challenges and benefits
Let’s be honest, subscription tax in Luxembourg has never been center stage. Frankly, why would it? For most asset managers, it’s an administrative tax, handled back-office, with easy, straightforward rules. Subscription tax ) is calculated according to the type of fund vehicle and its rate varies between 0.01% and 0.05% with quarterly filings. No big deal. […]
FATCA and CRS audits: Time to be prepared
Why should you be prepared for FATCA and CRS more than ever? The new Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) law ratified on 18 June 2020 has not only increased compliance requirements once again but, at the same time, it has reinforced the power of the Luxembourg tax authorities to carry out an audit within a […]
Fair valuation of investment property in uncertain times
It’s no secret that measuring a fair value of investment property has always been a challenging task...and, needless to say, the current pandemic has not made it any easier. The valuation of investment property following the principles of IFRS 13 is usually dependent on several assumptions and unobservable inputs. The current market situation may very likel […]
What to consider when granting payment holidays under IFRS 9 — impact on ECL
In my previous article, I discussed the accounting considerations when assessing whether or not a substantial modification exists regarding COVID-19 measures taken by lenders, such as payment holidays or moratoria. As promised, in this article I will explore the impact of these measures on the expected credit loss (ECL) model in more detail. As communicate […]
CSSF Circular 20/750 implements EBA Guidelines on ICT and security risk management in Luxembourg
On 25 August 2020, the CSSF published Circular 20/750 implementing the EBA Guidelines on ICT and security risk management in Luxembourg. These guidelines establish a consistent approach to the mitigation and management of these risks in all EU countries. Are you ready for the Circular? Download our self-assessment to assess your preparedness and define a resp […]
