Read our insights

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.

Don't let the stress of tax returns overwhelm you. Leave your duties to us and enjoy the peace of mind you and your employees deserve.

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.

Are you ready to take control of your compliance process like never before? Look no further than our cutting-edge DORA tool - the ultimate solution designed to empower you every step of the way.

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

Following the transposition into Luxembourg national law of the EU Directive 2022/2523 (the "Pillar 2 Law"), multinational enterprise (MNE) groups and significant large domestic groups are required to pay a minimum tax level of 15%. The Pillar 2 law came into effect for fiscal years starting on or after 31 December 2023.

As the deadline for compliance with Circular CSSF 24/847 on ICT-related incident reporting framework rapidly approaches, financial institutions are facing mounting pressure to ensure their systems are up to standard. With the 1st of April deadline just around the corner, it's imperative for organisations to act swiftly to avoid potential penalties and reputational damage.

Grant Thornton Women in Business report celebrates 20 years of insights. In recognition of International Women’s Day, Grant Thornton has launched its International Women in Business report, which reports on actionable steps for businesses to take towards achieving gender parity.

Adjustment of tax brackets and tax credits - The legislator has adjusted the income tax scale by 4 indexed brackets, with effect from 1st January 2024. This will result in tax reduction for all taxpayers.