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 on 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 November to December 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

New Tax measures in Luxembourg for 2025:
•    Atoz:  New tax measures adopted by the Luxembourg Parliament
•    Deloitte:  New tax measures for companies adopted by Chamber of Deputies 
•    KPMG (for corporations):  Luxembourg Tax Alert 2024-11 – KPMG Luxembourg
•    KPMG (for individuals):  Luxembourg Tax Alert 2024-12 – KPMG Luxembourg
•    EY (for individuals):  Luxembourg adopts various measures reducing individuals’ tax burden
•    EY (for corporations):  Luxembourg Parliament enacts corporate income tax reduction and other changes affecting corporate taxpayers

Luxembourg Pillar Two law:
•    Atoz:  Luxembourg Pillar Two Law Amended to Implement OECD guidelines
•    Deloitte:  The amended Pillar Two Law incorporates clarifications and technical provisions
•    KPMG:  Luxembourg Tax Alert 2024-09 – KPMG Luxembourg
•    EY: Luxembourg Parliament enacts changes to Pillar Two Law

Luxembourg developments regarding VAT on director fees:
•    Deloitte:  The District Court issued decision regarding VAT on director fees
•    Deloitte:  Luxembourg VAT authorities issue a new circular regarding VAT on director fees
•    EY:  New VAT guidelines for Directors in Luxembourg: Court rulings and Circular updates

Atoz:
•    EU Commission adopted a DAC9 proposal to ease filing obligations under the Pillar Two directive
•    ATOZ Insights – November 2024
•    The FASTER Directive introducing new rules for withholding tax procedures formally approved at today’s ECOFIN meeting 
•    Luxembourg committed to revitalising the construction sector and the property market with tax measures 

Deloitte:
–    CJEU ruling about the deduction of VAT on intra-group transactions

KPMG:
–    Newsflash: TP case law – District Court ruled, following the CJEU’s view
–    TP case-law: latest developments on the subject
–    Everything you need to know for 2025

EY:
•    EU details on VAT in the Digital Age (ViDA) package

Legal Newsletter

CAPITAL MARKETS:

LINKLATERS LLP
•    EU Listing Act: Key changes for DCM

PWC LEGAL
•    Part I: The Listing Act – Key Updates to the Prospectus Regulation
•    Part II: The Listing Act – Key Updates to MAR

CORPORATE / M&A:

A&O SHEARMAN
•    Luxembourg adapts its RCS and RBE legislations after CJEU ruling

AKD
•    Brochure: Foreign Direct Investment rules in Luxembourg

BAKER & MCKENZIE
•    Luxembourg: New accounting thresholds in Luxembourg — what companies and groups need to know
•    Luxembourg: New legal framework for nonprofit associations and foundations

BSP
•    Upgrading use of digital tools and processes
•    Luxembourg RCS I Filing formalism: substantial changes and a new filing framework to be implemented as of 12 November 2024

DSM AVOCATS À LA COUR    
•    New R.C.S. Luxembourg Formalities: Mandatory Registration of the Luxembourg National Identification Number for Natural Persons

LINKLATERS LLP
•    New size criteria for Luxembourg micro, small, medium-sized and large undertakings or groups

PWC LEGAL
•    Does your company have an international dimension? Be aware of the legal risks and consequences.

EMPLOYMENT:

LINKLATERS LLP
•    EU: the Platform Work Directive has been published

FINANCIAL REGULATIONS:

A&O SHEARMAN
•    DORA: ready, get set, A.C.T.I.O.N
•    MiCAR under the microscope – Part 6: Acquisition of qualifying holdings of CASPs and ART issuers

AKD
•    Unlocking Digital Collateral: Luxembourg Blockchain Laws and DLT Integration

BAKER & MCKENZIE
•    European Union: ELTIF 2.0 regulatory technical standards published

MOLITOR À LA COUR
•    DORA’S ENTRY INTO FORCE IS FAST APPROACHING : HAVE YOU UPDATED YOUR IT CONTRACTS?

NAUTADUTILH AVOCATS LUXEMBOUG
•    MiCAR and grandfathering: stuck between a rock and a hard place

INVESTMENT FUNDS:

AKD
•    Alternative Investment Funds Industry Quarterly Update Q3 2024

PINSENT MASONS LUXEMBOURG
•    European alignment on ‘T+1’ securities settlement migration ‘must get political boost’

VANDENBULKE
•   Luxembourg Private Credit Funds: Market Analysis and Outlook
•   Investment Funds: Draft RTS on open-ended loan-originating funds published by ESMA 

IT:

MOLITOR À LA COUR
•   Do not let a faulty product spoil your New Year’s Eve

LITIGATION:

PINSENT MASONS LUXEMBOURG
•   Ruling highlights CJEU’s broad approach to jurisdiction clauses

SPACE AND AIR:

NAUTADUTILH AVOCATS LUXEMBOUG
•    Why space law concerns us all

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Best regards,

BCC Secretariat