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The De Larosière Report Commisionned by José Manuel Barroso, the President of the European Commission, and issued on early 2009, the De Larosière report analyses the current financial crisis as being the result of two combined main failures : a failure in regulation and a failure in supervision. |
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Banking secrecy - Luxembourg perspectives. In light of the latest discussions about the amendment to banking secrecy and the lists classifying countries in this respect which were published by the OECD after the G20 summit, please find below a summary of the current situation. |
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Simplification of procedures regarding personal data protection (reform of the law of 2 August 2002). The law of 2 August 2002 on personal data protection was amended by the relevant new law of 27 July 2007. The new regulations shall simplify some formal obligations of companies, associations and other entities which maintain their databases containing personal information. At the same time, the law will still maintain an appropriate level of personal data protection. |
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New Bill of Budget for 2009 On 1 October 2008, the draft bill of law for the Budget 2009 has been files with the Luxembourg Parliament. It includes several measures which may have a positive impact on corporate taxation in future. For more information, please click here to read the whole article.. |
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Luxembourg plans to abolish capital duty in 2009 On 9 September 2008, the Luxembourg government submitted to the Parliament (Chambre des Députés) a draft bill for discussion to abolish the Luxembourg capital duty (droit d'apport), as previously announced by the government on 22 May 2008. |
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New tax incentives for IP-derived income, IT-related and telecommunication services Since January 1, 2008, the Luxembourg legislator has created significant tax incentives in favour of IP rights, IT-related and telecommunication services which are likely to encourage Research & Development activities and boost the establishment of IP holding and management vehicles as well as telecommunication operators in Luxembourg. |
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MiFID implemented in Luxembourg On 11th July 2007 the bill on the law on markets in financial instruments (n° 5627) (hereafter the “MiFID Law”) was adopted by the Luxembourg Chamber of Deputies and will come into effect 1st November 2007. The main aims of the MiFID Law are: Implementing the European Directive 2004/39/EC on Markets in Financial Instruments into Luxembourg law (hereafter the “MiFID”) (part I); Reviewing the status of several existing Professionals of the Financial Sector (hereafter “PFS”) and creating five new categories of PFS (part II). |
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