Tax

CSSF 20/744: tax indicators for the fund industry

When anti-money laundering (AML) becomes anti-tax laundering, it’s a pretty clear sign that compliance officers need to hit the tax books. Over the past few years, the international tax landscape has been evolving towards more tax transparency and enhanced tax conformity across industries and professions. As such, tax compliance considerations are relevant […]

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. […]

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 […]
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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 […]
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PE risk for French banking & insurance activities: time to get it right!

Luxembourg and France have been very closely linked for centuries. So, it’s only natural that the French market is crucial for Luxembourg banks and insurance companies in terms of local sales activities. As wealth planning solutions in particular require a close presence to clients, most Luxembourg banks and insurance companies sell their services on French […]

EU Commission strikes back! New tax reclaim opportunities for insurance companies

While interest rates continue to be low and policyholders become more sensitive to tax leakage, it is crucial for insurance companies to explore withholding tax reclaim opportunities for their clients. Even though some custodians might propose a tax reclaim service, it is important to ensure that all possible reclaim files are duly submitted and that the righ […]