Latest Newsletters & Newsflashes
Jul 18, 2023Newsflash | Bill PL8051 - Institutionalizing Temporary Criminal Procedural Measures
In a nutshell: the PL8051 bill represents a significant step towards institutionalizing the temporary measures implemented during the Covid-19 crisis and modernising the interaction with the courts. By integrating these measures into the Code of Criminal Procedure, Luxembourg aims to ensure the
Jul 14, 2023Newsflash | AG Kokott concludes an independent director’s activity does not constitute an economic activity subject to VAT
On 13 July 2023, Advocate General (“ AG”) Kokott delivered her opinion on the VAT treatment applicable to the services of an independent company director in the case C-288/22 TP v. Administration de l’Enregistrement des Domaines et de la TVA. The case concerned a member of the board of directors
Jul 10, 2023Implementation of DAC 7 into Luxembourg Law
On 16 May 2023, the Luxembourg Parliament ( Chambre des Députés) adopted a law (the “ DAC 7 Law”) implementing Council Directive (EU) 2021/514 of 22 March 2021 amending Directive 2011/16/EU on administrative cooperation in the field of taxation (“ DAC 7”), effective as of 1 June 2023 (save for the
Jul 10, 2023Draft law No. 8207: new reporting obligations for payment service providers to prevent VAT fraud
On 5 May 2023, a draft law No. 8207 on the transparency of online payments (the “ Draft Law”) has been submitted to the Luxembourg Parliament ( Chambre des Députés). The purpose of the Law is to introduce a new electronic system to fight against VAT fraud. The Law transposes Directive (EU) 2020/284
Jul 07, 2023Advocate General Opinion in Amazon State aid case
On 8 June 2023, Advocate General (“ AG”) Juliane Kokott of the Court of Justice of the EU (“ CJEU”) delivered her opinion in case C-457/21 P (the “ Opinion”), concerning a tax ruling granted in 2003 (the “ Tax Ruling”) by the Luxembourg tax authorities (“ LTA”) to Amazon in relation to its
Jul 07, 2023Markets in crypto-assets (MICA) | EU framework
The MiCA Regulation On 9 June 2023, Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets was published in the Official Journal of the EU (the “ MiCA Regulation”), thus establishing a harmonised regulatory framework for the crypto-assets market within the EU. The MiCA Regulation aims
Jul 07, 2023Sustainable finance | CSSF supervisory priorities
On 6 April 2023, the CSSF published a press release in order to give a general overview of their supervisory priorities in relation to sustainable finance (the “ Press Release”). The CSSF, in support of the long-term objective of integrating sustainability into financial strategies, have determined
Jul 07, 2023Opinion of the Advocate General of the European Court of Justice in the Engie Fiscal State Aid Case
In the opinion delivered on 4 May 2023 regarding cases (i) Engie Global LNG Holding (the “ Engie Group”) and Others v Commission (C-454/21 P) and (ii) Luxembourg v Commission (C-451/21 P), the Advocate General Kokott considers that Luxembourg, through tax rulings, did not grant State aid to the
Jul 07, 2023Enterprises' duty of care with regard to sustainability
On 16 May 2023, draft law No. 8217 on enterprises' duty of care with regard to sustainability (the " Draft Law") has been submitted to the Luxembourg Parliament ( Chambre des Députés). Which enterprises have a duty of care? The Draft Law’s provisions will apply: to enterprises when two of the
Jul 07, 2023Decision of the Higher Administrative Court on the obligation of the tax authorities to respect the adversarial principle
In a judgment of 15 June 2023, the Higher Administrative Court upheld a judgment of the Lower Administrative Court, which had annulled tax returns issued against a taxpayer on the grounds that the tax authorities had failed to respect the taxpayer's rights of defence arising from the adversarial
Jul 07, 2023MiFID II and MiFIR | ESMA guidelines and FAQ
ESMA Guidelines on MiFID II product governance requirements On 27 March 2023, ESMA published its final report on guidelines on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“ MiFID II”), regarding product governance requirements (the " Guidelines"). The objectives of the
Jul 07, 2023SFDR data collection for Luxembourg investment funds | update
On 30 June 2023, the CSSF published a press release on the SFDR data collection exercise for investment fund managers (“ IFMs”) and institutions for occupational retirement provision (“ IORPs”), on periodic reporting in relation to Regulation (EU) 2019/2088 on sustainability reporting in the
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