The Luxembourg Treaty Network Luxembourg Tax – Challenges for the Future British Chamber of Commerce for Luxembourg 15 May 2013 Julien Bieber, Tax Director Jonathan Norman, Tax Manager KPMG Luxembourg DRAFT – FOR DISCUSSION PURPOSES ONLY
Luxembourg Tax Treaty Network The Luxembourg Tax Treaty Network 64 In force 28 In negotiation / Pending ratification As at April 2013 Source: impotsdirects. public. lu © 2013 KPMG International Cooperative ( “KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity ” are registered trademarks or trademarks of KPMG International. DRAFT – FOR DISCUSSION PURPOSES ONLY 2
Luxembourg Tax Treaty Network 64 Tax Treaties in force Armenia Finland Japan USA South Korea Austria France Latvia Norway Spain Azerbaijan Georgia Liechtenstein Panama Sweden Bahrain Germany Lithuania Poland Switzerland Barbados Greece Malaysia Portugal Thailand Belgium Hong Kong Malta Qatar Trinidad & Tobago Brazil Hungary Mauritius Romania Tunisia Bulgaria Iceland Mexico Russia Turkey Canada India Moldava San Marino United Kingdom China Indonesia Monaco Singapore United Arab Emirates Czech Republic Ireland Mongolia Slovakia Uzbekistan Denmark Israel Morocco Slovenia Vietnam Estonia Italy Netherlands South Africa © 2011 KPMG International Cooperative ( “KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity ” are registered trademarks or trademarks of KPMG International.
Luxembourg Tax Treaty Network 28 Tax Treaties in negotiation / pending ratification Albania Kazakhstan Saudi Arabia Argentina Kyrgyzstan Serbia Botswana Kuwait Seychelles Brunei Laos Sri Lanka Croatia Lebanon Syria Cyprus Macedonia Taiwan Egypt New Zealand Tajikistan Guernsey Oman Ukraine Isle of Man Pakistan Uruguay Jersey © 2011 KPMG International Cooperative ( “KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity ” are registered trademarks or trademarks of KPMG International.
Luxembourg Double Tax Treaties – Recent Developments • New Luxembourg/Germany Double Tax Treaty (Signed, not in force) • Aligned with OECD Model • “Real estate-rich” companies clause (Article 13 -2) • Investment funds – SICAR, SICAF, SICAV and contractual investment funds (FCP) can claim 15% withholding tax on dividends • New protocol to the Poland/Luxembourg Double Tax Treaty (Signed, Not yet in force) • “Real estate-rich” companies clause • “Artificial arrangements” • Protocols to other Double Tax Treaties / Exchange of Information • New type of tax treaties: FATCA • EU Directives • Law of 21 July 2012 on administrative cooperation in the field of taxation (implementing EU Directive): Recovery of tax claims, Facilitating exchange of information © 2013 KPMG International Cooperative ( “KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity ” are registered trademarks or trademarks of KPMG International. DRAFT – FOR DISCUSSION PURPOSES ONLY 5
Luxembourg Double Tax Treaties – Recent Developments • Luxembourg – Mongolia Double Tax Treaty: • Mongolian Parliament approved proposal to cancel the treaty effective 1 January 2014 Tax treaty Termination date Luxembourg 1 January 2014 Netherlands 1 January 2014 UAE 1 January 2015 Kuwait 1 January 2015 • Side-reaction to a scandal involving Mongolian trusts with Chinese beneficiaries • Lenient tax treatment of exit / profit repatriation, i. e. • No Mongolian taxing right for the disposal of shares in Mongolian mining companies (land-rich) • Limited WHT on dividends vs. other treaties concluded by Mongolia • Luxembourg a preferred location for investments in Mongolia (Energy & Natural Resources) • Luxembourg Government has proposed meeting dates to negotiate new Double Tax Treaty © 2013 KPMG International Cooperative ( “KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity ” are registered trademarks or trademarks of KPMG International. DRAFT – FOR DISCUSSION PURPOSES ONLY 6
Luxembourg Investment Protection Treaty Network The Belgo-Lux IPT Network 67 In force 27 In negotiation / Pending ratification As at April 2013 Source: unctad. org; mae. lu © 2013 KPMG International Cooperative ( “KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity ” are registered trademarks or trademarks of KPMG International. DRAFT – FOR DISCUSSION PURPOSES ONLY 7
© 2013 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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