As mentioned in our previous legal alert, the Luxembourg tax authorities have issued on 12 January 2010 a circular in relation to direct taxes applicable to Murabaha agreements and Sukuk transactions. On 17 June 2010, the Luxembourg indirect tax authorities (L’Administration de l’Enregistrement et des Domaines) have…
Legal News
6 July 2010
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10 June 2010
Subcription tax for ETFs and Microfinance funds to be abolished
On 5 May 2010, the Luxembourg Prime Minister Jean-Claude Juncker proposed various measures to Parliament as part of his annual state of the Union. In his speech, Mr. Juncker outlined the possible tax measures for individuals and companies, which, if enacted, would be applicable as from tax year 2011. One of these measures…
10 June 2010
CSSF guidelines – information to be provided for the establishment of a SICAR
In May of this year, the Luxembourg regulator, the Financial Sector Supervisory Authority (CSSF), issued new guidelines on its web site (www.cssf.lu) regarding the information to be provided by promoters seeking a licence to launch a Sicar. The questionnaire, which the regulator expects usually to be prepared by a legal…
20 April 2010
Entry into force of the law concerning the audit profession and CSSF circular 10/439
On 18 February 2010, the law relating to the audit profession (the “Audit Law”) implementing the Directive 2006/43/EC of 17 May 2006 on statutory audits of annual accounts and consolidated accounts has entered into force in the Grand Duchy of Luxembourg. The main innovations of the Audit Law are: - The…
24 February 2010
Migration or relocation of offshore funds to Luxembourg
The Madoff scandal which has led to the quasi-collapse of the banking sector has changed the fund industry landscape. The ability to relocate in Luxembourg opens new horizons to offshore promoters and investors. The global economic downturn and the perspective of the implementation of the European Directive on Alternative…
24 February 2010
Luxembourg: a hub for Islamic Finance
I. Introduction Well established as a world leader in the investment funds industry (second only to the USA), Luxembourg firmly held its position throughout the economic crisis, totalling EUR 1,840.993 billion net assets under management as at 31 December 2009. This five decade long success story originates from a…
24 February 2010
Issue of a Luxembourg Tax Circular on Islamic Finance
On January 12, 2010, to confirm Luxembourg’s commitment to Islamic Finance, the Luxembourg tax administration has issued a circular L.G.-A No. 55 (12 January 2010) in order to provide guidance on Islamic Finance (the “Circular”). The Luxembourg tax administration refers to Islamic Finance as the “financial…
1 February 2010
New requirements on the identification of the beneficial owners of Luxembourg SICARs
The Luxembourg regulatory authority (Commission de Surveillance du Secteur Financier or CSSF), as competent authority to exercise the supervision within the meaning of article 11(1) of the Law of 15 June 2004 relating to the investment companies in risk capital, as amended or supplemented from time to time (the “SICAR…
1 February 2010
Protocol between Luxembourg and Spain amending the double tax treaty
On the sidelines of the European Council of Finance Ministers (Ecofin) meeting, an amendment to the existing bilateral double taxation agreement in place between Luxembourg and Spain has been executed by the Luxembourg Minister of Finance and its Spanish opposite on 10 November 2009. In accordance with the OECD standard,…
28 January 2010
Requirements regarding half-yearly financial information for SICARs
In its circular 08/376 regarding financial information to be submitted by investment companies in risk capital (SICARs), the Luxembourg regulatory authority (Commission de Surveillance du Secteur Financier or CSSF), as competent authority to exercise the supervision within the meaning of article 11(1) of the Law of 15…
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