Agefi Luxembourg - avril 2026

AGEFI Luxembourg 14 Avril 2026 Économie & Tax S elon le rapport annuel de Luxem- bourg for Finance (LFF) qui a été publié le 26mars, la place finan- cière luxembourgeoise a enregistré en 2025 une croissance remarquable dans l’ensemble de ses secteurs, consolidant plus que jamais son rôle central dans la financemondiale. Le Grand-Duché s’impose ainsi comme le premier hub mondial pour les investissements transfron- taliers. Les actifs sous gestion des fonds domiciliés au Luxembourg ont franchi pour la première fois le seuil des 8 000 milliards d’euros, at- teignant 8 200 milliards d’euros à la fin de l’année 2025. Cette performance illustre la profondeur struc- turelle de la place financière luxembourgeoise et son rôle clé dans la mise en relation des capitaux internationaux avec des opportunités d’investis- sement à travers le monde, dans un contexte géopolitique et économique de plus en plus complexe. Sur les cinq dernières années, ces actifs ont pro- gressé de plus de 50 %, témoignant d’une de- mande internationale soutenue pour l’expertise luxembourgeoise et pour son réseau de dis- tribution sans équivalent. Cette croissance repose sur une base diversifiée, couvrant à la fois les fonds UCITS et les fonds d’inves- tissement alternatifs, ces derniers représen- tant désormais 35 % du total des actifs. Le directeur général de Luxembourg for Finance, Tom Théobald (por- trait), souligne : « la croissance de la place financière luxembourgeoise est généralisée et touche les fonds, l’assurance, les marchés de capitaux et la finance digi- tale », mettant en avant la di- versification continue de l’écosystème financier. Les chiffres clés confirment cette dy- namique exceptionnelle. Les actifs sous ges- tion ont dépassé les 8 000milliards d’euros, tandis que les ETF domiciliés au Luxembourg atteignent 531,8milliards d’euros, en hausse de 19,5%sur un an. Plus de 58 nouvelles entités ont été autorisées ou agréées en 2025, preuve de l’attractivité persis- tante du pays. Le secteur de l’assurance a lui aussi connu une année record. Les primes d’assurance vie ont at- teint 31,1 milliards d’euros, en progression de 16,2 %, tandis que les primes en assurance non-vie se sont élevées à 19,8milliards d’euros. Cette crois- sance est notamment portée par les produits en unités de compte, en forte expansion. Le Luxembourg confirme également son leader- ship dans des segments stratégiques. Il demeure le premier domicile européen pour les fonds d’in- vestissement à long terme, avec 150 ELTIF sur les 272 recensés dans l’Union européenne. Lorsqu’il s’agit de distribution véritablement transfronta- lière, le pays représente même 77 % du total, ren- forçant son rôle de plateforme incontournable pour les investisseurs internationaux. L’écosystème financier dans son ensemble conti- nue de se renforcer. En 2025, les autorités de sur- veillance ont autorisé de nombreux nouveaux acteurs, couvrant les domaines bancaires, la ges- tion d’actifs, les paiements, l’assurance et la fi- nance numérique. Parmi les nouveaux entrants figurent notamment plusieurs banques internationales ainsi que des prestataires de services liés aux crypto-actifs, il- lustrant la convergence croissante entre finance traditionnelle et innovations digitales. Dans ce contexte, la finance numérique poursuit son développement rapide. L’autorisation de nouveaux prestataires liés aux actifs numériques et aux infrastructures de paiement modernes dé- montre la capacité du Luxembourg à intégrer l’in- novation tout en maintenant un cadre réglemen- taire solide et sécurisé. Le pays renforce par ailleurs son leadershipmon- dial en matière de finance durable. Plus de 2 400 obligations vertes, sociales et durables sont cotées sur la LuxembourgGreen Exchange, représentant 43 % du marché mondial, avec plus de 1 300 mil- liards d’euros émis via ces instruments. Parallèle- ment, la Luxembourg Stock Exchange a franchi le cap des 50 000 titres cotés, confirmant sa position de première place mondiale pour les titres de dette internationale. Pour TomThéobald, cette évolution repose sur les fondamentaux solides du modèle luxembour- geois. Il précise : « la stabilité réglementaire, l’ex- pertise internationale et l’ouverture à l’innovation permettent au Luxembourg de tirer pleinement parti du regain d’intérêt mondial pour l’Europe ». Au final, le rapport met en lumière une place fi- nancière luxembourgeoise plus dynamique que jamais, capable de conjuguer croissance, innovation et stabilité, tout en renforçant son rôle stratégique au cœur de la finance internationale. Rapport : https://urls.fr/2cIDWQ Source : Luxembourg for Finance Le Luxembourg confirme son statut de leader mondial de la finance T ransfer pricing remains a key focus area for tax authorities, which scrutinize intra-group transactions and the allocationof profits across jurisdictions. In this context, transfer pricing adjust- mentsmay lead to economic dou- ble taxation, where the same income is taxed twice because an upward adjustment inone country is notmatchedby a corresponding downward adjustment in the other. MutualAgreement Procedures (MAPs) constitute an important mechanismfor the eliminationof double taxation, as they seek to align the transfer pricing treatment between jurisdictions. Recent OECD MAP statistics indicate a general increase in the number of MAP cases,alongsideareductioninaverageres- olution times. This trend is also evident in Luxembourg, where MAPs are increas- inglyusedasaneffectivetoolfortaxpayers facing cross-border transfer pricing dis- putes. The approach of the Luxembourg Competent Authority (i.e., Division EconomiqueoftheAdministrationdesContri- butions Directes , or “Diveco”) further rein- forcestheirpracticaleffectiveness.In2024, 23transferpricingMAPswereconcluded, representing a significant increase com- paredtopreviousyears(fourcasesin2023 and ten cases in 2022). (1) TheOECDpublishedthe2023Manualon the Handling of Multilateral Mutual Agreement Procedures and Advance PricingArrangements (2) and the 2026 edi- tion of the Manual on Effective Mutual Agreement Procedures (MEMAP) on 2 February2026. (3) MEMAPprovides com- prehensive,non-bindingbestpracticesfor bothcompetentauthoritiesandtaxpayers on the effective conduct of MAPs, rein- forcingproceduralstandardsandencour- aging greater consistency in howMAPs are approached globally. TheapproachofDivecoreflectstheambi- tion of the Luxembourg TaxAdministra- tion to apply the international MAP best practice diligently. While the increaseduse and effectiveness ofMAPs is apositivedevelopment, expe- rience shows that favorable outcomes are not automatic. To be successful, MAPs must be approached as a structured and carefully managed process, requiring earlyplanning,aclearproceduralstrategy, and close coordination with parallel pro- cedures inother jurisdictions. Choosing the appropriate legal basis:Astrategic assessment Luxembourg offers several legal instru- ments to prevent or eliminate double taxation arising from transfer pricing adjustments. Selecting the appropriate legal basis requires a thorough analysis of the specific facts and circumstances of each case.This assessment must be carried out on a case-by-case basis, tak- ing into account the nature of the dis- pute, the jurisdictions involved, their procedural preferences and practices, and whether the matter falls within an EU or non-EU context. In practice, tax- payers must assess which legal basis provides the most appropriate frame- work for resolving their case. Several options may be available: 1.MAPsbasedondouble tax treaties (of which Luxembourg has an extensive network): The primary legal basis for MAPs in Luxembourg, considering the extensive double tax treaties network with EU and non-EU jurisdictions, re- mains the mutual agreement provisions contained in bilateral tax treaties, gener- ally aligned withArticle 25 of the OECD ModelTaxConvention.Luxembourgtax- payers may initiate a MAP when they consider that a tax assessment or adjust- ment originated inLuxembourgor in the respective Contracting State may result, or has resulted, in taxation not in accor- dancewith the applicable treaty. 2. European Arbitration Convention (90/436/EEC): For tax disputes arising withintheEU,Luxembourgisasignatory to the European Arbitration Convention of 23 July 1990. The Convention provides foraMAPsupplementedbyamandatory (though non-binding) arbitration phase where competent authorities fail to reach anagreementwithinadefinedtimeframe. 3. Directive (EU) 2017/1852 on Tax Dis- pute Resolution Mechanisms: In addi- tion to the Arbitration Convention, intra-EU tax disputesmay fall within the scope of Directive (EU) 2017/1852, as im- plementedinLuxembourgbytheLawof 20 December 2019. The Directive has a broader scope than the European Arbi- tration Convention and provides a strongerproceduralframeworkandlegal remedies for taxpayers. Insomecases,multiplelegalbasesmaybe availablesimultaneously.Whilethisoffers flexibility, it also requires strategic coordi- nation to ensure consistency and compli- ance with procedural requirements. The preferencesofthecompetentauthoritiesin theothercontractingstatemayalsoberel- evant,ascertainauthoritiesmayfavorone framework over another depending on the circumstances. MAPs as a structuredprocess: Fromaudit to filing Luxembourg has clarified the proce- dure for MAPs through Circular L.G. – Conv. D.I. n° 60 of 11 March 2021, which provides guidance of the proce- dural approach to be followed. While MAPs are often perceived as a remedy activated after an adjustment has been issued, experience shows that its suc- cess largely depends on how early it is anticipated and how it is managed. From a Luxembourg perspective, a MAP application shouldbe approached as a structured process. 1.Managing the audit abroad In cases where the tax audit originated abroad, the groundwork for a MAP shouldbe laidduring its final stages. This includes clearly articulating points of dis- agreement, documenting the taxpayer’s position and intention to initiate a MAP, andpromptlyinformingtheLuxembourg Competent Authority of any foreign tax assessmentoradjustmentthatmayresult, or has resulted, indouble taxation. Awell-managedtaxauditphasestrength- ens the subsequentMAP application and helpsensurethatthefactualandlegalnar- rative is consistent anddefensible. 2. Pre-filing: purpose and importance Pre-filinghas become an increasingly im- portant step in the MAP process. While not a formal requirement under Luxem- bourg law, it enables taxpayers to present their case, outline the relevant factual and legalbackground,anddiscussprocedural aspects with the competent authority be- fore submitting a formalMAP request. This stage provides an opportunity to as- sess the admissibility of the case, clarify documentation requirements, and ad- dress key procedural questions, such as the relevant tax years and the applicable legal framework. 3. Filing theMAP request The filing stage marks the formal initia- tion of the MAPs. Once filed, the proce- dure largelymoves into the hands of the competent authorities,with the taxpayer primarily involved in responding to in- formation requests or clarifications. According to OECD statistics, Luxem- bourg’s main counterparties for MAP procedures areFrance, Belgium, Canada, Germany, Italy, and Spain. (4) The effec- tiveness ofMAPs in these cases depends heavily on close coordination between the relevant competent authorities. For this reason, contemporaneous filing of MAPrequests across all relevant jurisdic- tions is a key element in a successful ap- plication. Simultaneous filing promotes early engagement between competent authorities, reduces the risk of procedu- ral asymmetries, andsupportsmore effi- cient case handling. Several additional practical aspects shouldbe consideredwhenfilingaMAP request, including: - Ensuring consistency of the factual and legal narrative across jurisdictions; - Using a common working language (with English generally accepted); - Ensuring the proper transmission of documentation; and - Addressing representation matters, in- cludingpowersofattorneywheretaxad- visors are involved. OECDdataindicatesthattransferpricing casesinLuxembourgtakeapproximately 36monthsfromthestartoftheprocedure until its end. Failure tomanage these as- pects effectively can lead to significant delaysorunderminetheoveralleffective- ness of the process. Conclusion From a Luxembourg perspective, MAPs are effective instruments for eliminating double taxation, particu- larly in transfer pricing matters, pro- vided that the required conditions are met. Successfully navigating the MAP process requires careful attention to each stage, including tax audit man- agement, pre-filing, coordinated filing, and ongoing case management. Early planning, procedural consistency, and alignment with parallel procedures in other jurisdictions are paramount for a successful MAP strategy. Xavier SOTILLOS JAIME, Partner, Transfer Pricing Serena PICARIELLO, Senior Manager, Transfer Pricing Luca DERQUI, Assistant Manager, Transfer Pricing Deloitte Luxembourg 1)OECD(2024),2023–2024APAStatistics–Luxem- bourg,OECDPublishing,Paris. 2)OECD(2023),ManualontheHandlingofMultilat- eralMutualAgreementProceduresandAdvancePricing Arrangements, OECD Forum on Tax Administration, OECD,Paris. 3) OECD (2026), Manual on Effective Mutual Agree- ment Procedures (2026 Edition): Inclusive Framework onBEPS,OECDPublishing,Paris. 4)OECD(2024),2023–2024APAStatistics–Luxem- bourg,OECDPublishing,Paris. Current trends and practical considerations The Mutual Agreement Procedure for transfer pricing cases in Luxembourg