BCC TAX & LEGAL NEWSLETTER 2024 #4

Dear Friend of the Chamber,

The objectives of the British Chamber of Commerce for Luxembourg are to follow and influence developments in the economic and business world in Luxembourg affecting members’ interests, and so contribute to making Luxembourg an attractive place to do business. The Tax and Legal groups of the BCC address key issues in their sectors to corporate and individual members through a number of events, and seek to raise awareness and influence decision makers as to the issues of concern to the BCC membership.

The purpose of the BCC Tax and Legal Newsletters is to provide additional regular bimonthly updates of key Tax and Legal developments in Luxembourg that may be relevant to your business. The present newsletters issued by member firms of the Tax and Legal groups cover the period from May to June 2024. If you deem that another person within your organisation should receive this email, please let us know. If you wish to unsubscribe please contact the BCC Secretariat by email to info@bcc.lu.

Tax Newsletter

KPMG:
•   Decisions of the Administrative Court on the NACE classification of a company’s activities
•   Amendments to Lux-Germany Tax Treaty effective 1 January 2024

Proposed amendments to Pillar Two Law: 
KPMG:  Proposed Amendments to Pillar Two Law
DELOITTE:  Chamber of Deputies publishes draft legislation amending Pillar Two law
EY:  Luxembourg proposes changes to Pillar Two Law
BAKER MCKENZIE:  Luxembourg Pillar 2 law to be amended

Draft law amending the Luxembourg NWT regime:
EY:  Luxembourg tables amendments to minimum net wealth tax regime and introduces optionality for tax exemption of certain dividend income/capital gains

Legal Newsletter

CAPITAL MARKETS:

A&O SHEARMAN
•    Use of tokenized financial instruments as collateral: Luxembourg solutions

AKD
•    Roadmap to securitisation in Luxembourg

EMPLOYMENT:

A&O SHEARMAN
•    Transparency and predictability: Anticipating changes from Bill 8070 on working conditions in Luxembourg

BAKER & MCKENZIE
•    Luxembourg: New law implementing EU provisions in favor of non-European highly qualified employees

BONN STEICHEN & PARTNERS
•    New provisions for highly qualified third-country nationals

KLEYR GRASSO
•   Flexible admission requirements and easier mobility for highly qualified workers

ENVIRONMENTAL PROTECTION:

BONN SCHMITT
•    “Reflection after the conference “”NATURE, SUBJECTS OF RIGHTS”” led by Conférence du Jeune Barreau de Luxembourg and the Association luxembourgeoise pour le droit de l’environnement”

FINANCIAL REGULATIONS:

A&O SHEARMAN
•    “Amendments to the Luxembourg legislation in the context of the implementation of the MiCAR and TFR requirements: currently registered VASPs are expected to take action”

LINKLATERS LLP
•    AMLD6, AMLR & AMLA: A new anti-money laundering era in the EU

LOYENS & LOEFF LUXEMBOURG
•    New EU Regulation making euro instant payments available has been published

SIMMONS & SIMMONS LUXEMBOURG
•    European Parliament adopted the AML Countering Financing of Terrorism

INVESTMENT FUNDS:

AKD
•    Alternative Investment Funds Industry Quarterly Update Q1 2024
•    Assessment of professional standing and experience – update of the declarations of honour

BONN SCHMITT
•    Understanding the key changes in AIFMD II 

BONN STEICHEN & PARTNERS
•    AIFMD 2.0 – Clarifications on cross-border depositary services

LINKLATERS LLP
•    AMLD6, AMLR & AMLA: A new anti-money laundering era in the EU
•    Funds Catch-Up: Management Fees – what to expect in European direct lending funds 

PINSENT MASONS
•    ESMA guidelines add to SFDR ‘complexity’ for fund sponsors

SIMMONS & SIMMONS LUXEMBOURG 
•    The CSSF updated its FAQ for UCITS and AIFs investing in virtual assets
•    Cross-Border Activity Notifications in the EEA

VANDENBULKE
•    Investment Funds / ESG news: ESMA publishes guidelines on fund names
•    Investment Funds News: What to do with SFDR pursuant to ESAs

IT:

BONN STEICHEN & PARTNERS
•   Ground-breaking worldwide Artificial Intelligence Act

REAL ESTATE AND CONSTRUCTION:

DSM Avocats à la Cour
•    The new provisions of the Law of 26 July 2023 on business permits: Focus on real estate business introducers 

MOLITOR Avocats à la Cour
•    Adapting to changes in the real estate and construction market

RESTRUCTURING AND INSOLVENCY:

LOYENS & LOEFF LUXEMBOURG
•    Common struggles faced by international creditors in Luxembourg bankruptcy proceedings
•    New Luxembourg Restructuring Law and the Double Luxco: An Imperfect Match?

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Best regards,

BCC Secretariat