Business

This year, our Advisory & Consulting practice has again experienced strong growth in demand for our services and solutions. After the pandemic, new challenges to the global environment are marked by the return of war on the European continent, rising inflation and material increase in energy costs and their related impacts on the financial markets. Our clients feels an urge to accelerate their transformation toward a more circular, resilient and decarbonated economy.

Supporting our clients in embracing sustainability and transforming their operating model to embed ESG, in leveraging technology and digitalization opportunities, with the increasing regulatory pressure, and with the absolute “must” that sustainability today represents for all stakeholders – all these have been key drivers for us. This is true for both traditional players and new players who opt to make Luxembourg their hub to establish and expand their activities. These players are attracted by economic stability and financial expertise in a central European location well-equipped with diverse and highly skilled talent.

Some key levers that drove this year’s performance: the strong development of the non-FSI sector, digitalization, Financial advisory services, ESG services and disclosure solutions, and Risk & Regulatory services. In parallel, our Center of Excellence (CoE), especially in digital banking and core banking, continue to represent strong opportunities in Luxembourg – but also across Europe and Middle East region.

All of these elements play a part in our broader holistic and integrated A-I-O approach – Advice, Implement, Operate – that enables us to accompany our clients on a long-term journey and to understand the complexity, evolution and variety of their needs.

Overall, our distinctive capacity to offer a wide breadth of services organized in well-balanced fashion means that our Advisory & Consulting practice is particularly resilient to address potential turbulence and seize many future opportunities.

In FY22, our Tax practice continued to support our clients navigating the rapidly evolving and complex tax landscape, while supporting them in maintaining the highest standards of compliance and accompanying them in enabling the increasing transparency required from all economic players and beyond.

This support took many forms. From raising awareness on specific laws and regulations, to driving enhanced governance, understanding controversy to delivering tailor-made training that enables them to efficiently address key concerns affecting their activities. Through our advising, we help taxpayers understand tax implications related to their situation and enable them make informed choices. We also strived to collaborate with tax authorities, both at the local and European level to share meaningful insights and experience, as well as to better understand and address concerns and objectives from a wide range of stakeholders.

In recent years, we’ve observed  of momentum for increased digitalization of investor reporting , requiring specific expertise at the crossroads of tax knowledge, innovation and transformation. As a major alternative fund hub and also a fast-growing Green finance hub, Luxembourg has seen an increased demand in such services, and our teams rose to meet their needs.

Last but not least, the increasing possibility to work remotely for many workers in Luxembourg has raised new tax issues for many economic players that wish to offer flexibility to their workforce. We accompany these clients in designing flexible models that take into account the applicable laws and regulations to cross-border workers in particular.

The agility and sound expertise of our Tax practice was recognized this year as we received the Transfer Pricing Team and VAT Team of the year award from the International Tax Review (ITR).