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> > > Luxembourg Implements hybrid mismatch rules (ATAD 2): Analysing the impact on Alternative Investments (Private Equity, Real Estate, …) and multinational groups?

Luxembourg Implements hybrid mismatch rules (ATAD 2): Analysing the impact on Alternative Investments (Private Equity, Real Estate, …) and multinational groups?

Droit fiscal

Date : 09/04/2020 Horaires : 14h00 - 17h00 (accueil à partir de 13h30) Lieu : Novotel Kirchberg

Thématique : Legitech en collaboration avec ATOZ Tax Advisers

On 1 January 2020, the Luxembourg legislator transposed the Anti-Tax Avoidance Directive 2 (“ATAD 2”) into Luxembourg tax law. A new version of Article 168ter of the Luxembourg Income Tax Law (“LITL”) now provides for a comprehensive framework to tackle hybrid mismatches in a mere EU context and in transactions involving third countries.

Hybrid mismatches typically originate from a different tax treatment of an entity, a permanent establishment or a financial instrument under the laws of two or more jurisdictions and may result in deduction without inclusion or double deduction outcomes. In general, the hybrid mismatch rules target hybrid mismatches between associated enterprises, structured arrangements between third parties, imported hybrid mismatches and tax residency mismatches.

At the same time, the hybrid mismatch rules should not create economic double taxation. This is ensured through a number of carve-outs and limitations that discharge the application of the hybrid mismatch rules (for example, timing differences, inclusion of the payment at the level of any payee, tax exempt status of the investor, transfer pricing adjustments).

As the new rules apply as from 1 January 2020, taxpayers have to urgently analyse existing investment structures in order to detect potential hybrid mismatches and to implement, where necessary, structure alignments before year-end.

This conference aims at providing participants with a clear overview of the new hybrid mismatch rules, analysing how these rules may impact Alternative Investments and multinational groups in Luxembourg and considering opportunities to manage adverse tax consequences in practice.



1:30 PM – 2:00 PM        Registration

2:00 PM – 2:05 PM        Opening remarks

2:05 PM – 2:35 PM        Mechanics of the new hybrid mismatch rules – A snapshot

  • Mismatch outcomes
  • Related party test
  • Hybrid mismatches within the meaning of Article 168ter LITL
    • Hybrid mismatches
    • Structured arrangements
    • Imported hybrid mismatches
    • Tax residency mismatches
  • Limits of the hybrid mismatch rules
  • Neutralisation of mismatch outcomes


Fanny Bueb, Tax Director, ATOZ Tax Advisers

2:35 PM – 3:45 PM        Analysing the impact of ATAD 2 on Alternative Investments (Private Equity, Real Estate, Infrastructure, …)

  • Typical fund structures
  • Hybrid mismatches in the context of Alternative Investment Funds
    • Hybrid financial instruments
    • Hybrid entities
  • Considering the potential impact on Luxembourg and foreign funds
  • Carve-outs and limits that may apply in a fund context
  • Opportunities for managing the impact of the new rules
  • Comments made by the Luxembourg State Council
  • Reverse hybrid mismatch rule
  • Burden of proof
  • Approaches taken in the ATAD 2 FAQ
  • Case studies


Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers

3:45 PM – 4:15 PM        Coffee break

4:15 PM – 4:45 PM        Analysing the impact of ATAD 2 on multinational groups: Selected case studies

  • Case study: Hybrid financial instruments
  • Case study: Hybrid entities
  • Case study: Disregarded permanent establishments
  • Case study: Imported hybrid mismatches

Andreas Medler, Tax Principal, ATOZ Tax Advisers

Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers

4:45 PM – 4:55 PM        Q&A Session

4:55 PM – 5:00 PM        Closing remarks


Cette formation d’une demi-journée est agréée par le Barreau de Luxembourg dans le cadre de la formation continue.

Prix : 360€ HTVA par module

Tarif étudiant : 48,55€ HTVA, soit 50€ TTC (à condition d’envoyer une copie de sa carte étudiant)


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