BCC TAX & LEGAL NEWSLETTER 2023 #3

Dear Friend of the Chamber,

The objectives of the British Chamber of Commerce for Luxembourg are to follow and influence developments in the economic and business world in Luxembourg affecting members’ interests, and so contribute to making Luxembourg an attractive place to do business. The Tax and Legal groups of the BCC address key issues in their sectors to corporate and individual members through a number of events, and seek to raise awareness and influence decision makers as to the issues of concern to the BCC membership.

The purpose of the BCC Tax and Legal Newsletters is to provide additional regular bimonthly updates of key Tax and Legal developments in Luxembourg that may be relevant to your business. The present newsletters issued by member firms of the Tax and Legal groups cover the period from March to April 2023. If you deem that another person within your organisation should receive this email, please let us know. If you wish to unsubscribe please contact the BCC Secretariat by email to info@bcc.lu.

Tax Newsletter

VAT Corner:

•  VAT Solutions: Proposed reduction of VAT rate on dwellings
  •    PwC: A recent court case on VAT assessments

Changes to the Luxembourg procedural tax rules:
•    EY
•    Atoz
•    PwC

Deloitte:
•    International Tax Update on Capital Gains Tax – March 2023
•    New criteria to determine beneficial ownership (Austria)

Atoz:
•    Atoz Insights – April 2023
•    Luxembourg UBO register: New procedure for entities to access their own UBO data

PwC:
•    Luxembourg submits Public CbCR bill
•    Social parameters on April 1, 2023

EY:
•    Luxembourg submits draft legislation introducing CbCR for MNEs
•    New draft transfer pricing provisions
•    Why tax governance is key in an era of more tax risk and controversy
•    Why now is the time to prepare for the global tax transformation

KPMG: 
•    Tax compliance implications for Luxembourg funds deriving capital gains from Spain

Legal Newsletter

BANKING/FINANCE:

PwC Legal
•    The Luxembourg Blockchain III Law: a step forward into the new DLT era

Bonn Steichen & Partners
•    DLT | Significant developments at EU and national level

Ogier
•    The boost to the efficiency of Luxembourg pledges

CORPORATE / M&A

Bonn Schmitt
•    The Mobility Directive soon to be transposed in Luxembourg
•    Repairing Company Law in Luxembourg

Bonn Steichen & Partners
•    Grand-Ducal regulation on the administrative dissolution procedure without liquidation

Elvinger Hoss Prussen
•    European Commission adopts texts to further simplify procedures for reviewing concentrations under the EU Merger Regulation

Ogier
•    European private equity real estate 2023
•    Why Luxembourg is a Leading Centre for Private Equity

DATA PROTECTION:

DSM Avocats à la cour
•    ALTO, compliance self-assessment tools from the CNPD

EMPLOYMENT:

PwC Legal
•    Moral harassment in employment relationships

Allen & Overy S.C.S.
•    New law on moral harassment – how it affects Luxembourg employers

Baker & McKenzie
•    Luxembourg: New framework for protection against moral harassment at work applicable as from 9 April 2023 – What you should know and do to fight against moral harassment in the workplace?

Bonn Schmitt
•    New legislation on moral harassment at work

Bonn Steichen & Partners
•    Prohibition of the “zero-hour contracts”

Clifford Chance
•    New Law on Moral Harassment at work

Linklaters LLP
•    New law on moral harassment

ESG:

Baker & McKenzie
•    Luxembourg: CSSF mandatory data collection exercise under SFDR and Taxonomy Regulation due for submission by 15 June 2023

Clifford Chance
•    The European Critical Raw Materials Act

FINANCIAL REGULATION

Allen & Overy S.C.S.
•    CSSF’s sustainable finance agenda for the financial sector: How to prepare for the CSSF’s upcoming inspections on sustainable finance

FINTECH:

Simmons & Simmons Luxembourg LLP
•    Tokenisation: Due diligence and design considerations

INVESTMENT FUNDS:

Baker & McKenzie
•    Europe: ELTIF version 2 is approved

Elvinger Hoss Prussen
•    New structuring opportunities for democratised private asset vehicles and other forthcoming changes: upgrading of the Luxembourg investment fund toolbox.

Maples Group
•    An Update on Private Debt Funds in Luxembourg
•    CSSF Updates SFDR FAQ
•    ELTIF 2.0 – Enhancements and New Opportunities

Simmons & Simmons Luxembourg LLP
•    CSSF updates its FAQ on virtual assets

LITIGATION:

Allen & Overy S.C.S.
•    New rules for arbitration under Luxembourg law: A modern and flexible framework for dispute
resolution

MOLITOR Avocats à la Cour
•    Overhaul of Arbitration Law in Luxembourg by the Law of 19 April 2023

NautaDutilh Avocats Luxembourg S.à r.l.
•    Spring brings Luxembourg new arbitration law to life

Linklaters LLP
•    New law modernises arbitration in Luxembourg

REAL ESTATE:

DSM Avocats à la cour
•    Luxembourg: Recent legal developments in Real Estate
•    Pacta sunt servanda or the risk of becoming a victim of one’s own law

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Best regards,

BCC Secretariat