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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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DAC 6 reporting obligations starting as from 1 October 2020

DAC 6 reporting obligations starting as from 1 October 2020
12/05/2020

On 8 May 2020, as a result of the COVID-19 pandemic, the EU Commission proposed a three-month postponement of the starting date for the filing and exchange of information on reportable cross-border arrangements as provided under Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (“DAC 6”).

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Guidance on Luxembourg CFC Rules

Guidance on Luxembourg CFC Rules
16/04/2020

Whilst some countries have had comprehensive rules on controlled foreign corporations for years, Luxembourg only introduced such rules recently, further to the implementation of a European directive. 

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Parent-Subsidiary Directive not applicable to Gibraltar companies

Parent-Subsidiary Directive not applicable to Gibraltar companies
15/04/2020

On 2 April 2020, the European Court of Justice ("ECJ") (Case-458-18) ruled that a company incorpored in Gibraltard an subject to Gibraltar Corporation Tax cannot be considered to be a "Company of a Member State"

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New deadline extensions in fiscal matters

New deadline extensions in fiscal matters
09/04/2020

Further to the Luxembourg government’s decision to introduce several tax measures in favour of legal and natural persons, as announced on 17 March 2020, the Luxembourg Minister of Finance, Pierre Gramegna, submitted a bill of law N°7555 

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Luxembourg: Non-deductibility of interest and royalties due or paid to related enterprises in non-cooperative jurisdictions

Luxembourg: Non-deductibility of interest and royalties due or paid to related enterprises in non-cooperative jurisdictions
08/04/2020

On 30 March 2020, the Luxembourg finance minister introduced a bill ("the bill") aimed at implementing European Union (EU) recommended preventive measures in respect of interest or royalties due or paid to related enterprises established in blacklisted countries

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New bill of law that denies tax deduction of interest and royalties paid to EU blacklisted countries

New bill of law that denies tax deduction of interest and royalties paid to EU blacklisted countries
08/04/2020

On 30 March 2020, the Luxembourg government published a bill of law with number 7547 (the “Bill”) to deny the tax deductibility of interest and royalties paid or due to associated enterprises established in a country or territory listed on the EU list of non-cooperative countries and territories (“EU Blacklist”).

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COVID-19 crisis: New draft law to extend deadlines in fiscal matters

COVID-19 crisis: New draft law to extend deadlines in fiscal matters
08/04/2020

On 8 April 2020, Luxembourg Parliament released the draft law n°7555 addressing the extension of deadlines in fiscal, financial and budgetary matters in the context of the state of COVID-19 crisis

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