2 April 2021 - FATCA reporting: new codes in case of unknown US TINs

In its publication dated 1 April 2021 (only available in French), the Luxembourg tax authorities (LTA) recommend that Luxembourg financial institutions (FI) use specific codes to complete the tax identification number (TIN) field if the TIN is not available.

12 March 2021 - German fund tax regime—Change to WHT reclaim procedure for non-German investment funds is expected as from 1 July 2021

Due to an upcoming change to the German Investment Tax Act (GITA), the WHT refund procedure according to sec. 7 para. 5 GITA may no longer be accessible for non-German investment funds as from 1 July 2021.

19 February 2021 - German fund tax regime—Retroactive corrections of equity gain figures published under the investment fund tax regime applicable until 31 December 2017

The German Ministry of Finance (BMF) recently issued an official communication regarding retroactive corrections to equity gain figures (Aktiengewinn) published under the investment fund tax regime applicable until 31 December 2017.

3 February 2021 - CRS update: Lists of reportable and participating jurisdictions amended

On 26 January 2021, a Grand-Ducal Decree dated 22 January 2021 amending the list of reportable jurisdictions and the list of reportable jurisdictions for the purpose of the Common Reporting Standard (CRS) was published in the Official Journal of the Grand Duchy of Luxembourg.

19 January 2021 - CbC reporting—updated XSD scheme for submitting CbC reports

We would like to inform you of the Luxembourg tax authorities’ new XSD scheme for the preparation and submission of Country-by-Country (CbC) reports via XML format, which applies as from 1 February 2021.

25 November 2020 - DAC 6 / MDR Radar (Issue 7)

A new wave of reporting rules came into effect in the European Union on 1 July 2020, with retroactive effect to 25 June 2018.

5 October 2020 - The Danish fund tax regime - 2021 election by 1 November 2020

Foreign investment funds interested in the Danish retail market should check whether they qualify as equity-based investment companies according to Danish tax rules and consider electing for the new tax regime from 2021 before 1 November 2020.

7 August 2020 - DAC 6 / MDR Radar (Issue 6)

Although the implementing deadline has already passed, only 24 countries have transposed these rules into their domestic legislation, while 4 countries are still at the implementation drafting stage.

2 July 2020 - DAC 6 / MDR Radar (Issue 5)

On 24 January 2020, the European Commission sent formal notices to Belgium, Cyprus, Czech Republic, Estonia, France, Greece, Italy, Latvia, Luxembourg, Poland, Portugal, Romania, Spain, Sweden and the United Kingdom regarding the implementation of DAC 6.

20 May 2020 - DAC 6 / MDR Radar (Issue 4)

On 24 January 2020, the European Commission sent formal notices to Belgium, Cyprus, Czech Republic, Estonia, France, Greece, Italy, Latvia, Luxembourg, Poland, Portugal, Romania, Spain, Sweden and the United Kingdom regarding the implementation of DAC 6.

17 April 2020 - German Investment Tax Act – Minimum Asset Ratio Compliance Exception

With regard to the German Investment Tax Act, the German Ministry of Finance has issued on 9th of April 2020 a communication in order to provide for the current difficult economic situation.

10 March 2020 - DAC 6 / MDR Radar (Issue 3)

The European Commission has sent formal notices on 24 January 2020 to Belgium, Cyprus, Czech Republic, Estonia, France, Greece, Italy, Latvia, Luxembourg, Poland, Portugal, Romania, Spain, Sweden and the United Kingdom regarding the implementation of DAC 6.

9 Mars 2020 - New Spanish FTT Bill approved on 28 February 2020

On February 28, 2020 the Bill on the Spanish Financial Transaction Tax (the “Bill”) has been published in the official Gazette of the Spanish Parliament. The Bill was approved at the council of ministers meeting of February 18, 2020.

27 February 2020 - CRS & FATCA update

On 20 February 2020, the Draft Law amending the Luxembourg Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) legislation was submitted to the Chamber of Representatives.

23 January 2020 - CRS update

On 8 January 2020, the Luxembourg government has announced the upcoming publication of a Grand-Ducal decree related to the jurisdictions subject to reporting obligations for the purpose of the Common Reporting Standard (CRS).

17 January 2020 - DAC 6 / MDR Radar (Issue 2)

A new wave of reporting rules will become effective in the European Union on 1 July 2020 with retroactive effect to 25 June 2018.

14 January 2020 - Denmark – Update on new fund tax regime

The Danish Tax Authorities (DTA) have published the list of funds that have applied for the newly introduced fund tax regime and are considered as equity-based investment companies as from 2020.

6 December 2019 - DAC 6 / MDR Radar (Issue 1)

A new wave of reporting rules will become effective in the European Union on 1 July 2020 with retroactive effect to 25 June 2018.

17 October 2019 - Italy – Favourable decision by the Provincial Tax Court of Pescara entitling tax-exempt foreign foundations to withholding tax refunds

In its decision n°115/2019, the Provincial Tax Court of Pescara (the “Tax Court”) concluded that the imposition of Italian withholding tax (“WHT”) on dividends paid to tax-exempt foreign foundations is discriminatory, given that Italian foundations benefit from lower taxation on the same dividends.

27 September 2019 - New rules on equity based investment funds

The Danish Parliament enacted in January 2019 new tax rules regarding equity-based investment funds. The changes have effect as from income year 2020. In September 2019, the Danish tax authorities published draft guidelines on notification and reporting requirements under the new tax regime.

20 May 2019 - CRS update

On 17 May 2019, a new Grand Ducal Decree amending the list of participating jurisdictions and the list of reportable jurisdictions for the purpose of the Common Reporting Standard (CRS) was published on the Memorial.

26 April 2019 - PEA & Brexit – Which impact on funds invested in British securities?

The French government regulation of 6 February on measures to prepare for Brexit in relation to financial products mitigated the consequences of a no-deal withdrawal on the eligibility of British securities for the PEA.

20 February 2019 - Belgium – Favorable decision by the Brussels Court of Appeals regarding treaty access by Luxembourg SICAVs

In its decision dated 29 November 2018, the Court of Appeals of Brussels (“Court of Appeals”) concluded that the application of the Belgian Annual Tax on Collective Investment Vehicles (“ATCIV”) to a Luxembourg SICAV was contrary to the Double Tax Treaty (“DTT”) signed between Belgium and Luxembourg.

7 January 2019 - Supreme Court partly withdraws requests for a preliminary ruling in dividend tax cases

On the back of the Fidelity Funds judgment, the Dutch Supreme Court has partly withdrawn the requests for a preliminary ruling on the compatibility of the Dutch dividend withholding tax with EU law.

29 November 2018 - Are you ready for the new annual German tax reporting starting on 1st Jan 2019?

The first year of the new German Investment Tax Act is almost over. We therefore would like to use this occasion to remind you that the new pre-lump sum taxation will take place for the first time as of 1 January 2019.

22 November 2018 - Upcoming GITA changes with impact on the asset ratio calculation

The ”Law to prevent VAT losses on trade in goods on the internet and to amend other tax rules and regulations” (formerly called "Annual Tax Law 2018") will pass the final steps of the legislative process in Germany by the end of November.

12 November 2018 - QI (including QDD), WP, WT Application Deadline for 2018

On October 17 2018, the Internal Revenue Services (“IRS”) released a reminder regarding the Qualified Intermediary (“QI”), Qualified Derivatives Dealer (“QDD”), Withholding Foreign Partnership (“WP”) and Withholding Foreign Trust (“WT”) applications deadline for 2018.

30 October 2018 - Update CRS - Residence/Citizenship by investment schemes update

Update to our newsletter dated 25 October 2018: On 17 October 2018, the OECD has published an update regarding high-risk RBI/CBI schemes. 

25 October 2018 - Residence/Citizenship by investment schemes update

The Organization for Economic Cooperation and Development (“OECD”) issued an analysis of over 100 Residence and Citizenship by Investment (“RBI/CBI”) schemes offered by jurisdictions that participate or intend to participate to the Common Reporting Standard (“CRS”). 

26 July 2018 - FATCA Registration System upgrade

According to the alert issued by the IRS on 19 July 2018, the FATCA Registration System will be updated to include new features and modify some of existing ones. 

13 July 2018 - CRS update

As previously announced in the newsletter issued on 19 June 2018 by the Luxembourg Tax Authorities, the list of reportable jurisdictions has been updated through the Grand Ducal Regulation amending the list of Reportable Jurisdictions for the purpose of the Common Reporting Standard (CRS), dated 10 July 2018.

2 July 2018 - Denmark – Decision of the ECJ on the taxation of dividends paid to non-residents UCITS

On 21 June 2018, the Court of Justice of the European Union (ECJ) issued a decision in the case Fidelity Funds v. Denmark, C-480/16 (intervener : NN (L) SICAV).

22 May 2018 - Belgian circular on the deductibility of expenses for the purposes of the computation of the taxable income per share

According to article 19bis CIR 92, the interest component embedded in the proceeds received upon sale, transfer or redemption of shares or units of “in scope” investment funds must be considered as movable income for Belgian income tax purposes and be subject to the Belgian withholding tax on movable income (“précompte mobilier”) at a rate of 30%.

7 May 2018 - QI updates

According to an announcement from the IRS dated May 4, 2018, all Qualified Intermediary entities (hereafter “QIs”) have to select the periodic review year of their certification period before September 1, 2018.

9 April 2018 - QI updates

On 4 April 2018, the Internal Revenue Service (IRS) announced that the QI Portal allowing applicants to submit their QI periodic certifications and applications for renewal of their status as a Qualified Intermediary (QI), Withholding Foreign Partnership (WP), or Withholding Foreign Trust (WT) is now open.

8 March 2018 - CRS and QI updates

• Grand Ducal Decree on Reportable Jurisdictions published
• New QI/WP/WT FAQs
  

23 February 2018 - QI / QDD updates - QI/WP/WT application and account management system

On 22 February 2018, the IRS issued a publication announcing that the Qualified Intermediary (QI), the Withholding Foreign Partnership (WP), and the Withholding Foreign Trust (WT) application and account management system will be open to accept QI/WP/WT certifications at the beginning of April.

6 February 2018 - India Budget 2018: Key Highlights for Non Residents

The Indian Budget for FY 2018-19 was presented in parliament on 1 February 2018. The key highlights of the tax proposals that are relevant to non-residents are outlined on our webpage.

5 February 2018 - U.S. Tax Reform: changes to federal withholding tax rules

On 22 December 2017, the U.S. President Donald Trump has signed the public law no. 115-97, commonly referred to as the 2017 Tax Reform Act.

2 February 2018 - Belgian tax on securities accounts: Draft law adopted

The Belgian draft law implementing the tax on securities accounts (TSA) has been adopted on 1 February 2018.

18 January 2018 - CRS / FATCA / QSL updates