Arendt & Medernach, the leading independent business law firm in Luxembourg, is pleased to announce the arrival of Yvan Stempnierwsky as Of Counsel at the firm.
On 14 July 2016, the Luxembourg Parliament adopted a bill to implement (i) Directive 2014/56/EU on statutory audits (audits of annual accounts or consolidated accounts) (the “Directive”) and (ii) certain provisions of EU Regulation 537/2014 on the specific requirements applicable to the statutory audit of public-interest entities (the “Regulation”).The law will become effective after its publication in the Luxembourg official journal.This bill will replace the Luxembourg law of 18 December 2009 on the audit profession.There will not however be any significant change in the legal and regulatory framework of the audit profession except for the redefinition of the auditor’s role and the missions of the supervisory bodies (the Commission de surveillance du secteur financier (CSSF) and the Institut des réviseurs d’entreprises (IRE)).Redefinition of the auditor’s roleThe role of the approved auditor (réviseur d’entreprises agréé) has been clarified and strict rules will be introduced in order to strengthen its independence. In Luxembourg, two codes of the Fédération internationale des experts-comptables (IFAC) and certain regulations of the CSSF have already implemented such clarification and stricter rules.Finally, the missions that have so far been restricted to approved auditors may be carried out by auditors (réviseurs d’entreprises) except for a company’s statutory audit, which may only be carried out by an approved auditor.Restriction to the audit mission periodIn order to avoid any familiarity risk which may arise during an audit mandate, an audit mission may be renewed each year but only for a maximum aggregate duration of 10 years. This audit mission may even be renewed beyond 10 years if a public tendering process is launched.Moreover, the key audit partners in charge of carrying out a statutory audit in a public-interest entity may only carry out this audit for a maximum period of 7 years.List of additional information to be provided in the audit reportIn order to improve the information value of the audit report, such report must contain certain mandatory information, such as, but not limited to:
Improvement of the supervision of auditors and of the cooperation between auditors’ supervisors within the European Union
European passport and use of international auditing standards
Luxembourg has now adopted the law implementing Directive 2014/95 amending the Accounting Directive (Directive 2013/34/EU) which requires certain large companies and groups to disclose non-financial and diversity information.
What you need to know about Base Erosion and Profit Shifting (BEPS) in less than 3 minutes.
As you may have heard, the OECD Common Reporting Standard (“CRS”) issued last year took a big step towards a global and coordinated approach to automatic disclosure of income earned by individuals and organisations. As a measure to counter tax evasion, it builds upon other legislations aimed at information sharing, such as FATCA and the EU Savings Directive.Should you wish to read the full newsflash, please click on the link below:
During the 8th meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes held in Bridgetown, Barbados on 29 – 30 October, the members of the Forum confirmed that Luxembourg is compliant with the international standard on the exchange of information upon request for tax purposes.This standard is incorporated in Article 26 of the OECD Model Tax Convention and provides that the tax authorities must exchange such information as is foreseeably relevant for carrying out the provisions of the relevant double tax treaty or domestic tax laws. In particular, the standard prohibits a State from declining to supply information solely because the information is held by a bank, other financial institution, nominee or person acting in an agency or a fiduciary capacity or because it relates to ownership interests in a person.The Global Forum examines compliance of each jurisdiction with the standard through a peer review that analyses both the legal and regulatory aspects of exchange and the exchange of information in practice.It should be noted that the exchange of information upon request will be largely superseded in the future by the automatic exchange of information as provided for example by the EU Common Reporting Standards, the OECD Multilateral Convention on Mutual Assistance on Tax Matters and the US FATCA legislation.The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work on transparency and exchange of information for tax purposes has been carried out by both OECD and non-OECD economies since 2000. The Global Forum currently has 128 member jurisdictions together with 15 international organisations participating as observers.
Le gouvernement luxembourgeois a déposé un projet de loi à la mi-août concernant l’échange automatique de données financières dans le cadre de l’OCDE. Les institutions financières doivent se préparer à pouvoir fournir des données sur leurs clients dès le 1er janvier 2017. Pour les banques, c’est une nouvelle charge de travail liée aux procédures réglementaires. « Le but est que l’administration étrangère ait une vue complète de la situation financière de son contribuable », déclare notre Associé Alain Goebel.Pour lire l’article complet tiré de Paperjam, veuillez cliquer sur le lien ci-dessous.
This new edition of our quarterly tax update is dedicated to the main changes which have occurred over the last 3 months with regard to Luxembourg and international tax law.
The topics of this update are: Luxembourg news: Bill of Law No. 6826 on the ratification of the 4th amendment to the tax treaty between France and Luxembourg - Grand-Ducal decree on the notification of tax assessments - Case law on transfer pricing (case No. 34024C dated 26 March 2015) - International news: Protocol to the Agreement between the European Union and Switzerland on taxation of savings income - Proposal of the Council of the European Union for the repeal of Directive 2003/48/EC on savings income - Case law on the VAT treatment applicable to service charges passed on by the landlord to the tenant within the context of a property lease agreement (Case C-42/14 dated 16 April 2015) - Case law on the refusal to refund VAT to the supplier of services when the services recipient is refused the right of deduction (Case C-111/14 dated 23 April 2015) - Opinion of the Advocate General on the scope of application of the fund management VAT exemption within the context of real estate investments (Case C-595/13 dated 20 May 2015) - Useful information: Double Tax Treaty Network - Extension of the first reporting deadline under FATCA - Bill of Law No. 6713 on VAT free zone regime - New Bill of Law introducing new tax measures and transposing EU Directives amending the EU Parent-Subsidiary DirectiveTo download the update, please click on the following link :
We are delighted to announce our Annual Seminar and Cocktail Reception which will take place in New York on Tuesday, 13 September 2016.
The partners of Arendt & Medernach are pleased to hold their BEPS breakfast tax seminar in the auditorium of Arendt House on Wednesday, 25 May 2016.>
The 16th Annual Tax Planning Strategies – U.S. and Europe will be held from March 16 to 18 in Milan. It will focus on all the initiatives that affect corporate taxpayers.>
Arendt & Medernach is a sponsor of the Luxembourg for Finance - Financial seminar 2016 which will be held on January 28 in Milan, Italy.>
We are pleased to invite you to our 6th Arendt Financial Law Forum Asia to be held in Hong Kong on Thursday, 5 November 2015.>
We are pleased to announce our 6th Arendt Financial Law Forum Asia to be held in Singapore on 4 November 2015.>
The partners of Arendt & Medernach are pleased to announce their seminar entitled "International real estate investments through Luxembourg: Facing changes!".>
The Tax Partners of Arendt & Medernach were pleased to hold to a tax seminar dedicated to examining the practical impacts of the recent Luxembourg and international tax developments in Luxembourg on 19 June 2014.>
Arendt & Medernach is a sponsor of the ABA Tax conference 2014.
Our partners, Eric Fort and Thierry Lesage will be speakers. You can meet them during the conference which will be held from 9-11 April 2014 in Geneva, Switzerland.>
Further to our Tax Seminar in Luxembourg on 21 October 2013, please find attached the conference slides.>>
Further to our AIFMD Seminar in London on 10 October 2013, please find attached the conference slides.>
Further to our conference "Get up to speed with recent international tax and VAT developments affecting Luxembourg" held in Luxembourg on 20 September 2012, please find attached the conference slides.>
Jan Neugebauer was a speaker at the 5th Annual Worldwide Tax Update on "Luxembourg Tax Law Developments " on 15 May 2012 in Boston and on 16 May 2012 in New-York.>
Jan Neugebauer was a speaker at the European Direct Taxation seminar on "Cross border payments of interest and royalty" on 8 May 2012 in Treves.>