On 8 August 2019, the Luxembourg legislator released the draft law implementing EU Directive 2017/952 of 29 May 2017 (the “Anti-Tax Avoidance Directive 2” or “ATAD 2”) which provides for a comprehensive framework to tackle hybrid mismatches in a mere EU context and 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).
With few months left in 2019 before the new hybrid mismatch rules will enter into force, taxpayers have to 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.
1:30 PM – 2:00 PM Registration
2:00 PM – 2:05 PM Opening remarks
2:05 PM – 2:40 PM Mechanics of the new hybrid mismatch rules – A snapshot
– Mismatch outcomes
– Related party test
– Hybrid mismatches within the meaning of Article 168ter LITL
o Hybrid mismatches
o Structured arrangements
o Imported hybrid mismatches
o Tax residency mismatches
– Limits of the hybrid mismatch rules
– Neutralisation of mismatch outcomes
Laurent Engel, Tax Partner, Ficel Group
2:40 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
o Hybrid financial instruments
o 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
– Reverse hybrid mismatch rule
– Burden of proof
– 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
Fanny Bueb, Tax Director, ATOZ Tax Advisers
Andreas Medler, Tax Principal, ATOZ Tax Advisers
4:45 PM – 5:10 PM Q&A Session
5:10 PM – 5:15 PM Closing remarks
La société Legitech a obtenu l’agrément du Barreau de Luxembourg.
Prix : 290€ HTVA, early bird 235 € HTVA (before 15/10)
Tarif étudiant : 48,55€ HTVA, soit 50€ TTC (à condition d’envoyer une copie de sa carte étudiant et une attestation d’inscription)
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