On 15 November 2016, the Luxembourg Parliament adopted the Law on certain rules governing actions for damages for competition law infringements and amending the amended Law of 23 October 2011 on competition (“Law”). It implements Directive 2014/104/EU of 26 November 2014 on antitrust damages actions (“Directive”).
This Year End Tax Bulletin summarises the most significant 2016 tax developments in our home markets, the Benelux and Switzerland, and highlights the main legislative changes announced for 2017. It also provides an insight into major international and EU developments. The focus is on the developments and changes with relevance for internationally operating enterprises.
The new EU Directive on the Protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure will be implemented into national law at the latest by June 9, 2018. This Directive will contribute to the creation of a single market in the EU for Intellectual Property Rights. As every IPR—whether copyright, patent, trademark or design—arises from a company that had trade secrets early on, these early stages are equally important to protect.
On 24 November 2016, a group of more than 100 jurisdictions concluded negotiations on a multilateral instrument (“MLI”) that will modify the application of existing bilateral tax treaties to implement the tax treaty measures developed through the OECD/G20 BEPS project. Open for signature by 31 December 2016, the MLI allows for the relatively rapid inclusion in existing bilateral tax treaties of measures against treaty shopping, artificial avoidance of the permanent establishment (“PE”) status and hybrid mismatches, as well as improvements of the dispute resolution mechanism.
Arendt & Medernach is delighted to inform you that further to discussions with the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”), we have obtained clearance for UCITS clients to access the China Interbank Bond Market (the “CIBM”) and invest in RMB fixed income securities dealt on the CIBM, without recourse to their QFII or RQFII licenses and quotas, under the revised rules issued by the People's Bank of China (the "PBoC") this summer.
The law on the Société d’Impact Sociétal (the “SIS”) was adopted on 23 November 2016 by the Luxembourg Chamber of Deputies (the “Law”) and will come into force after its publication which is expected in the coming weeks. It introduces a favourable legal environment for the development of businesses which transcends the classic division between the profit-making commercial sector and the non-profit sector.
On 21st November 2016, the European Securities and Markets Authorities updated its Questions & Answers on the application of the UCITS Directive (the “Updated Q&A”).
VAT circular number 781 of 30 September clarifies that a director’s activity shall be considered as an economic services activity subject to VAT. This situation, unclear before 30 September, has been confirmed and clarified by the Luxembourg VAT authority.
La société tchèque Delta Center a.s. est locataire de halles de marché à Prague (Pražská tržnice) et sous-loue à des marchands les différents points de vente composant ces halles. Plusieurs fabricants et distributeurs de grandes marques ont constaté que des contrefaçons de leurs produits étaient vendues dans ces halles et ont saisi les juridictions tchèques afin que celles-ci ordonnent à
The Luxembourg law of 10 August 2016 modernising the law concerning commercial companies of 10 August 1915 (the “Company Law”) and modifying the Civil Code (the “New Law”) has introduced significant new rights for the minority shareholders which are applicable since 23 August 2016.
