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News
In the NEWS section, we regularly publish flash information, alerts and newsletters on new business developments in Luxembourg and other topics pertaining directly or indirectly to Luxembourg. Feel free to consult our news.
October 03, 2011
Luxembourg: New index as of 1 October 2011
On 1 October 2011, the Luxembourgish index has increased from 719.84 to 737.83 which represents an increase of prices by 2.5%.
The minimum wage for unskilled workers is now of EUR 10.4132 by hour and of EUR 12.4958 for skilled workers.
February 01, 2011
The Luxembourg Standard Chart of Accounts
As from 1 January 2011, Luxembourg companies will have to prepare their financial statements according to the Luxembourgish Standard Chart of Accounts, as stated in the “Règlement Grand-Ducal” of 10 June 2009. Until then, companies only had to file their accounts according to a chart of accounts “appropriate to their activity”. In practice, Luxembourg companies generally applied the French, Belgium or German charts of accounts.
October 28, 2009
CESR's Proposals on Management Company Passport and Improved Investor Disclosures for UCITS
CESR delivered advice in two key areas relating to Undertakings for Collective Investment in Transferable Securities (UCITS): the regulatory framework that should underpin the management company passport (click here); and the format and the content of key investor information disclosures (click here).CESR’s advice follows a Commission mandate received in February 2009. The publication of these documents is accompanied by a press release.September 29, 2009
ALFI Code of Conduct for Investment Funds
The Association of the Luxembourg Fund Industry (ALFI) has published the Code of Conduct for Luxembourg Investment Funds (click here). The Code provides boards of Directors and service providers with a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.September 28, 2009
CESR's Response on UCITS Depositary Function
CESR sent a response to the European Commission's consultation on the UCITS depositary function. This response is accompanied by a cover letter to Commissioner McCreevy.June 22, 2009
Adoption of UCITS IV
The Council of the European Union adopted the UCITS IV Directive without debate. The Directive should be published in the Official Journal in the coming weeks, and will enter into force on the twentieth day following that of its publication. The UCITS IV text adopted by Council can be found on the EU Website at the following link
Luxembourg Position
The Luxembourg Association if Investment Fund has indicated that “a unilateral statement from Luxembourg was also submitted to the Council on that occasion, welcoming the adoption of the Directive whilst underlining that by setting aside the requirement that key administrative functions be performed in the jurisdiction where the investment fund is established, the new Directive introduces the potential for legal and fiscal uncertainties for investors which are likely to considerably impair the brand image of the European UCITS product worldwide. The statement stresses the need to ensure that the Management Company Passport as defined in the Directive does not undermine the quality of the UCITS product, particularly the high level of protection which this product offers retail investors.”
The text of the Unilateral statement by Luxembourg can be found at the following link.
June 04, 2009
Signature of OECD compliant protocol to the double tax treaty with Denmark
The first protocol to the 1980 tax treaty between Luxembourg and Denmark has been signed on June 4th, 2009.
This new protocol updates the information exchange provision of the treaty. Similarly to the protocols signed recently with the United States, the Netherlands and France, the protocol will allow the exchange of information upon request and in specific cases between the tax administrations of the contracting States. However, it does not provide for an automatic procedure of exchange of information and does not allow general information requests (the practice of "fishing operations").
Luxembourg should amend further tax treaties in the next future to comply with the OECD Model Convention provisions on exchange of information.
June 03, 2009
Signature of OECD compliant protocol to the double tax treaty with France
The third protocol to the 1958 tax treaty between Luxembourg and France has been signed on June 3rd, 2009.
This new protocol updates the information exchange provision of the treaty. Similarly to the protocols signed recently with the United States and the Netherlands, the protocol will allow the exchange of information upon request and in specific cases between the tax administrations of the contracting States. However, it does not provide for an automatic procedure of exchange of information and does not allow general information requests (the practice of "fishing operations").
Luxembourg should amend further tax treaties in the next future to comply with the OECD Model Convention provisions on exchange of information.
May 29, 2009
Signature of OECD compliant protocol to the double tax treaty with the Netherlands
The third protocol to the 1968 tax treaty between Luxembourg and the Netherlands has been signed on May 29th, 2009. This new protocol updates the information exchange provision of the treaty. Similarly to the protocols signed recently with the United States, the protocol will allow the exchange of information upon request and in specific cases between the tax administrations of the contracting States. However, it does not provide for an automatic procedure of exchange of information and does not allow general information requests (the practice of "fishing operations").
Luxembourg should amend further tax treaties in the next future to comply with the OECD Model Convention provisions on exchange of information.
May 27, 2009
Press release of CSSF regarding the responsibility of Custodian Bank
In connection with the Madoff case, the CSSF has issued a “press release” which confirms the general obligation of restitution of assets of Luxembourg custodian banks acting as assets depositary. This position imposes to the custodian banks to review their role and responsibilities in light of this regulatory compliance. For more information, please download the CSSF press release.
May 20, 2009
Signature of OECD compliant protocol to the double tax treaty with the United States
The first protocol to the April 3, 1996 tax treaty between Luxembourg and the United States of America has been signed on May 20th, 2009.
This new protocol updates the information exchange provision of article 28 of the treaty with the view to make it compliant with the OECD standards on model tax conventions and international cooperation. The protocol will allow the exchange of information upon request and in specific cases between the tax administrations of the contracting States. However, it does not provide for an automatic procedure of exchange of information and does not allow automatic sharing of bank information or general information requests (the practice of "fishing operations").
Luxembourg should amend further tax treaties in the next future to comply with the OECD Model Convention provisions on exchange of information. The Luxembourg government intends to enter into about 20 additional protocols before the end of 2009. The new information sharing provisions will be applicable to fiscal years 2009 onwards only, disallowing any retroactive effect.