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By Camille SEILLES, Secretary General and Member of the ABBL Management Board
The translation of the OECD BEPS Action Plan into concrete measures under domestic law has taken a decisive step forward through the adoption, on 18 December 2018, of draft law 7318 by the Chamber of Deputies. Additional developments are expected in 2019 and several of them have a direct impact on the banking sector.
Draft law 7318 aimed at transposing into Luxembourg law the EU Anti-Tax Avoidance Directive (“ATAD”), which sets out a series of measures under EU law derived from the OECD BEPS Action Plan.
Per ATAD, the provisions of the new law contain rules on interest limitation, exit taxation, controlled foreign companies (CFC) and intra-EU...
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