Tax Update — April 2013
Arendt & Medernach has released the April 2013 edition of its Tax Update, which includes the latest news from Luxembourg, as well as covering international matters. In this issue, the firm discusses the adoption of the law on administrative co-operation in the field of direct taxation, the introduction of the bill regarding deferred taxation of unrealised capital gains upon migration, new VAT provisions and more.
On 27 February 2013, the Luxembourg Parliament (Chambre des Députés) adopted bill No. 6455 implementing Council Directive 2011/16/EU on administrative cooperation in the field of taxation (the Directive).
Based on OECD standards, the Directive enhances the cooperation between tax authorities of the Member States of the European Union. It provides for the exchange of information that is of foreseeable relevance to the administration and the enforcement of Member States’ tax laws. In this respect, it foresees that the exchange of information between tax authorities can be made upon request, automatically or spontaneously and prescribes standard forms and procedures as to how the information is exchanged. In addition, it also introduces other means of administrative cooperation (simultaneous controls, presence of foreign tax authorities during enquires, requests for notification and sharing of best practices). The Directive applies to taxes of all kinds with the exception of VAT, customs duties, excise duties and compulsory social contributions already covered by separate legislation. The Directive contains a most favoured nation clause: if a Member State provides wider cooperation to a third country than that provided for under the Directive it may not refuse such wider cooperation to another Member State that requests it on its own account. Finally, the Directive entered into force on 1 January 2013, with the exception of the provisions relating to automatic exchange of information which will enter into force on 1 January 2015…
If you are registered and logged in to the site, click on the link below to read the rest of the Arendt & Medernach briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Arendt & Medernach
Briefings from Arendt & Medernach
The main recent changes to Luxembourg and international tax law.
Aim is to unlock additional financing of at least €315bn for investment.