10/02/2022

General Trends – EU & international tax

Our Tax Partner Eric Fort and Philipp Jost, Counsel, focused on the following topics:

- Overview of the OECD/G20 initiatives to address the tax challenges arising from digitalisation and globalisation of the economy, the so-called two-pillar plan.

- Overview of the EU Commission initiatives following the adoption in May 2021 of a Communication on Business Taxation for the 21st century, including i.a. the Unshell Proposal and the Pillar 2 Proposal of 22 December 2021, as well as forthcoming items like DEBRA, DAC 8, implementation of Pillar I, and BEFIT.

- Potential practical impacts for corporate taxpayers.

   

The EU commission's Unshell Proposal (ATAD 3) and other developments that may impact on the fund industry

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Our Tax Partner Thierry Lesage and Yves Philippart de Foy, Counsel, focused on the following topics:

- The draft directive issued by the EU Commission on 22 December 2021 to tackle the misuse of shell entities for tax purposes within the EU (the “Unshell Proposal”).

- The other initiatives of the EU Commission that may impact certain actors in the fund industry, including i.a. DEBRA and the proposal on a global minimum level of taxation (Pillar II).

- Potential practical impacts for the fund industry.

   

Distressed, special situations and debt funds – recent tax developments in the debt market

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Our Tax Partners Vincent Mahler and Jan Neugebauer focused on the following topics:

- Overview of recent trends in the debt market.

- Potential tax issues to bear in mind and the practical application of the rules derived from the implementation of the Anti-Tax Avoidance Directives, with a particular focus on interest limitation rules.

- Overview of recent initiatives from the EU Commission that may impact the debt market, including i.a. the Unshell Proposal.

   

Trends in TP controversies: MAPs and APAs

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Our Tax Partner Alain Goebel and Benjamin Tempelaere, Senior Associate, presented the practical features of MAPs and APAs in transfer pricing, as well as the current administrative practice as understood from our observation of recent cases.

In particular, they will cover the available MAP and APA regimes, recent trends in the related dispute resolution processes, and issues of practical application.

   

New VAT developments for funds and holding companies

   

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Our Tax Partner Bruno Gasparotto and Sophie Weyten, Counsel, focused on the following topics:

- Technology and outsourcing in fund management: where does the Court of Justice of the European Union (CJEU) stand? Overview of 3 recent decisions: the Blackrock case (C-231/19), and joined cases K(C-58/20) and DBKAG (C-59/20).

- The right to deduct input VAT and excessive prices for services used for VAT-taxable activities: does this preclude the taxpayer from exercising its right to deduct? Overview of recent decisions issued by the CJEU (Amper Metal case (C-334/20)) and the Luxembourg Court of Appeal Civil Division.

- Practical impact of such important decisions for the Luxembourg market.

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