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On 17 July 2024, the Luxembourgish government announced a list of new measures designed to boost purchasing power, with effect from 1 January 2025. The announcements below are still in draft form and have not yet been definitively implemented.

The key amendments, that mostly concerns transfer pricing aspects, are the modifications made to the General Law on Taxation of the 22 May 1931 (“Abgabenordnung”) in the following paragraphs: §29c, §96a, §171 ,§165c & §249. These changes have been made with a view to simplifying and modernising the procedures applicable to taxpayers.

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The three European Supervisory Authorities (EBA, EIOPA, and ESMA, collectively known as the ESAs) have unveiled the second batch of policy products under the Digital Operational Resilience Act (DORA). This latest release comprises four final draft regulatory technical standards (RTS), one set of Implementing Technical Standards (ITS), and two guidelines, all designed to bolster the digital operational resilience of the European Union’s financial sector.

The Corporate Sustainability Due Diligence Directive (CSDDD) has been published in the Official Journal of the European Union, marking a major advancement in promoting sustainable business practices across Europe.

The CSSF and the CAA are authorised to impose administrative sanctions and measures for violations of specific articles of the EU regulation 2022/2554. These sanctions can be applied to both individuals and organisations, including directors and responsible persons within the entities.

As already mentioned in our previous newsletters, we would like to remind you that for your non-resident employees, mandatory social security formalities must be completed with the authorities in the countries of residence concerned.

Understanding Taiwan’s Double Tax Agreements - A Foreign Entity invested in Taiwan may apply for withholding tax reclamation or tax relief if it is domiciled in a country that has a Double Tax Agreement with Taiwan.

In a significant development for corporate responsibility, the Council of the European Union approved the Corporate Sustainability Due Diligence Directive on the 24th of May 2024, marking the culmination of its adoption process. This directive mandates large corporations to address the adverse impacts of their activities on human rights and the environment, backed by stringent penalties for any failure to comply. Significantly, this holistic framework does not just target the primary companies but also ensures that accountability is fostered through their subsidiaries and business associates across the entire value chain.

On 14 May 2024, the European Securities and Markets Authority (ESMA) issued its Final Report on Guidelines for funds' names, following its Public Statement on the matter released on 14 December 2023. These guidelines, applicable to various types of investment fund managers (IFMs), aim to clarify when the use of ESG or sustainability-related terms in fund names could be considered misleading. The Commission de Surveillance du Secteur Financier (CSSF) emphasizes that the Guidelines apply to IFMs overseeing UCITS or AIFs, regardless of their disclosure category under Articles 6, 8, or 9 of the Sustainable Finance Disclosure Regulation (SFDR). Therefore, IFMs are required to conduct a self-assessment to determine the relevance of the Guidelines to the products they manage and to ensure that fund names comply with these Guidelines.

On 14th May 2024, the EU Council adopted the EU Directive on Faster and Safer Relief of Excess Withholding Taxes (“FASTER”).

The Grand-Ducal Decree of 18 April 2024 modified the lists of Participating Jurisdictions and Reporting Jurisdictions for the CRS reporting year 2023.

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La loi entrée en vigueur le 23 septembre 2023 modifie les dispositions de la loi du 21 avril 1928 - avec une période transitoire de 24 mois pour les associations sans but lucratif (a.s.b.l.), les associations reconnues d'utilité publique et les fondations.

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Amidst the global challenges posed by climate change, financial institutions and regulatory bodies are progressively acknowledging the significance of incorporating sustainability principles into their operations. Considering this mounting necessity, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has recently revised its supervisory focus on sustainable finance. This move underscores the CSSF’s dedication to fostering a financial sector that is both environmentally conscious and socially responsible. It builds upon their earlier communication of priorities in April 2023