Many years after the introduction of the Philanthropic Foundation1, the draft bill n° 6595 dated 22 July 2013 presents the private wealth foundation (the "Private Foundation"). Although the two vehicles share the same name of foundation, they actually serve very different purposes, which result in two specific set of distinct rules on their organization and legal framework.
On 30 September 2014, the European Commission (the "EC") published the non-confidential version of a decision taken on 11 June 2014 launching a formal in-depth investigation in relation to transfer pricing arrangements on corporate income taxation ("CIT") of Fiat Finance and Trade ("FFT") in Luxembourg.
En plus de susciter des questions d'un point de vue éthique, économique ou juridique, ces revenus d'occupation salariée non périodique posent également des difficultés au moment de leur imposition.
Within the framework of our membership to the ELG (Energy Law Group), David Maria, Partner and Delia Nitescu, Senior Associate have contributed an article of the Luxembourg renewable sector which has been released in the European Energy Journal. We invite you to discover this article in the July 2014 edition of the European Energy Journal.
The Law of 28 July 2014 concerning the compulsory deposit and immobilisation of shares and units in bearer form (the "Law") was published in the Mémorial (the Luxembourg Official Gazette) on 14 August 2014. The Law entered into force on 18 August 2014.
On 10 July 2014, the Court of Appeals confirmed the conditions set forth mainly by the French courts regarding the mechanism of capital restructuring consisting of the reduction of share capital below the legal minimum by absorption of losses followed by an increase of capital to get the share capital above the legal minimum.
The Luxembourg District Court sitting in commercial matters has declared bankrupt the group parent company ESPIRITO SANTO INTERNATIONAL S.A. (ESI) on 27 October 2014, following the Court's decision of 17 October 2014 that had rejected ESI's application for controlled management.
The EU has adopted a new Regulation on successions (Regulation (EU) 650/2012 of 4 July 2012 on jurisdiction, applicable law, recognition and enforcement of decisions and acceptance and enforcement of authentic instruments in matters of succession and on the creation of a European Certificate of Succession). Successions with cross-border elements are usually characterized by their high complexity because succession law varies considerably from one EU country to another.
Luxembourg's audiovisual environment was formerly mainly focused on broadcasting activities and has been diversified with the creation of infrastructure for production and post-production and the establishment of several production companies and audiovisual services. To better assess the positive effects of the introduction of financial support for audiovisual production in the late 80's, it is important to have in mind that Luxembourg's audiovisual sector has no other means of financial support (distributors, regions or television) that may help the audiovisual production as it is the case elsewhere.
Regulation (EU) 909/2014 on improving securities settlement in the European Union and on central securities depositories ("CSD Regulation") was published in the Official Journal of the European Union on 28 August 2014.
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