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Corporate tax


New mandatory automatic exchange of information rules for Digital Platforms “DAC7”

New mandatory automatic exchange of information rules for Digital Platforms “DAC7”
24/07/2020

On 15 July 2020, the EU Commission published a directive proposal (the “DAC7 Proposal”), amending, for the 6th time, Directive 2011/16/EU on administrative cooperation (the “DAC”) in the field of taxation.

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Law on deferral of DAC 6, CRS and FATCA deadlines voted!

Law on deferral of DAC 6, CRS and FATCA deadlines voted!
23/07/2020

On 22 July 2020, the Luxembourg Parliament approved Bill No. 7625 (the “Law”) implementing Council Directive (EU) 2020/876 adopted on 24 June 2020 giving EU Member States the option to defer the deadlines for automatic exchanges of information under Directive 2014/107/EU

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DAC 6 / CRS / FATCA: Luxembourg bill of law issued to postpone reporting obligations and deadlines

DAC 6 / CRS / FATCA: Luxembourg bill of law issued to postpone reporting obligations and deadlines
08/07/2020

On 6 July 2020, the Luxembourg government issued bill of law N°7625 implementing into domestic law Council Directive (EU) 2020/876 of 24 June 2020, which amends Directive 2011/16/EU (“DAC 6”) to address the urgent need

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COVID-19: Luxembourg extends DAC6, CRS and FATCA reporting deadlines

COVID-19: Luxembourg extends DAC6, CRS and FATCA reporting deadlines
07/07/2020

Yesterday, the draft law implementing the optional deadline extensions of EU Directive of 24 June 2020 (the “Directive”) amending the EU Directive on Administrative Cooperation to address the urgent need to defer certain time limits for the filing and exchange of information in the field of taxation because of the COVID-19 pandemic was presented to Parliament

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Optional deferral of the EU Mandatory Disclosure Directive reporting obligations

Optional deferral of the EU Mandatory Disclosure Directive reporting obligations
25/06/2020

On 24 June 2020, the Council of the European Union (the Council) adopted an amendment to the Mandatory Disclosure Directive ((Directive (EU) 2018/855) the Directive) allowing EU Member States an option to defer by up to six months the time limits for the filing and exchange of the reportable arrangements.

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CJ rules Luxembourg  fiscal unity regime infringes EU law (B & others)

CJ rules Luxembourg fiscal unity regime infringes EU law (B & others)
16/06/2020

On 14 May 2020, the CJ delivered its judgment in case B and Others v Administration des contributions directes (C-749/18). The Court concluded that the Luxembourg fiscal unity regime, which still now separates vertical and horizontal fiscal unities, is contrary to the freedom of establishment.

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FATCA & CRS Reporting In Luxembourg: New Draft Bill Submitted To The Parliament

FATCA & CRS Reporting In Luxembourg: New Draft Bill Submitted To The Parliament
12/06/2020

The proposed measures of the Draft Bill aim at bringing Luxembourg law into line with the evaluation of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

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DAC6 and CRS deadline extensions – Update

DAC6 and CRS deadline extensions – Update
05/06/2020

Yesterday, the Luxembourg Finance Ministry reported that EU Member States have agreed on a compromise proposal for a Directive introducing an optional 6-month deadline extension for reporting under the mandatory disclosure regime applicable to tax intermediaries

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The modification of a vertical tax consolidation group into a horizontal tax consolidation group does not end the tax consolidation regime

The modification of a vertical tax consolidation group into a horizontal tax consolidation group does not end the tax consolidation regime
19/05/2020

On 14 May 2020, the Court of Justice of the European Union (“CJEU”) ruled on the Luxembourg tax consolidation regime and took a very positive decision for the Luxembourg corporate taxpayers.

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European Commission requests Luxembourg to amend its tax rules on foreign securitisation enterprises & its ATAD law on EU securitisation vehicles

European Commission requests Luxembourg to amend its tax rules on foreign securitisation enterprises & its ATAD law on EU securitisation vehicles
18/05/2020

Yesterday (15 May), the European Commission sent 2 letters of formal notice to Luxembourg relating to securitisation, one objecting to more heavy tax of foreign securitisation enterprises and another one asking Luxembourg to remove the ATAD interest rules “carve out” for EU regulated securitisation vehicles.

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