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> > > MODULE 2: SUBSTANCE REQUIREMENTS

MODULE 2: SUBSTANCE REQUIREMENTS

Droit fiscal

Date : 25/02/2020 Horaires : 14h00 - 17h00 (accueil à partir de 13h30) Lieu : Novotel Kirchberg

Thématique : Legitech en collaboration avec ATOZ Tax Advisers

Workshop: Structuring Alternative Investments (Private Equity, Real estate, etc.) in the post-beps era

Substance is a key element in international taxation and is relevant for the application of both domestic tax law and tax treaties. The notion of substance involves a number of elements such as (i) infrastructure (equipment, facilities and employees, etc.), (ii) corporate governance (directorship, involvement of Luxembourg directors, the place where decisions are taken, etc.), (iii) functional and risk profile, (iv) legal documentation and contractual aspects, (iv) transfer pricing documentation, (iv) the actual conduct of business activities and (v) business purpose.

Substance is crucial for managing the Luxembourg tax residency of companies and to avoid a situation in which a corporate structure is (partially) disregarded under foreign anti-abuse provisions. The notion of substance also concerns the beneficial ownership concept that is employed under tax treaties and, in some cases, under domestic tax law with the objective to avoid tax treaty or EU directive shopping. Appropriate substance is further relevant in order to avoid the application of the PPT in tax treaties.

When Luxembourg companies operate in foreign jurisdictions, it is crucial to avoid the constitution of unintentional permanent establishments that could otherwise give rise to controversy and significant tax costs in the respective host states.

In practice, there are different ways to organize the substance of a Luxembourg company ranging from companies with significant internal resources that manage most of the tasks internally to companies that rely, for cost-efficiency purposes, on an outsourcing model where certain functions are outsourced to qualified service providers (or other group companies and) monitored by the employees or the directors of the company (for example, accounting and compliance services). In other cases, asset managers may have significant substance in a management or service company that renders services to other Luxembourg companies.

 

Objectives of the workshop

Upon successful completion of this workshop, the participants will:

  • have an understanding of the concept of substance in international taxation
  • have a clear idea why substance is required (from a Luxembourg, a foreign, a tax treaty and a transfer pricing perspective)
  • understand the tax risks relating to a lack of substance

 

PROGRAMME

  • Introduction
  • The notion of substance
  • Substance requirements in international taxation
    • Substance requirements from a Luxembourg (tax) perspective
      • Managing tax residency
      • Luxembourg finance companies
      • Requirements from a regulatory perspective
    • Substance requirements from a foreign tax perspective
      • Anti-abuse legislation
      • Considerations regarding appropriate substance
      • Substance requirements in an EU context
    • Substance requirements from a tax treaty perspective
      • Principal Purposes Test (PPT)
      • Beneficial ownership
      • Avoiding unintentional permanent establishments
    • Substance requirements from a transfer pricing perspective
      • The arm’s length principle
      • Supply chain management
      • Transfer pricing documentation
    • Managing reputational risks

Case study : The Luxembourg Real Estate Fund

*     *     *

INTERVENANTS

Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers

Oliver is a Partner in the International and Corporate Tax department of ATOZ.

A tax professional since 2003, Oliver has experience in Luxembourg and international taxation with a focus on alternative Investments (private equity, real estate, sovereign wealth funds, hedge funds), mergers & acquisitions and multinational groups. Oliver advises clients on all direct tax aspects regarding deal structuring, maintenance, reorganisations and exit planning.

He is Head of Transfer Pricing and the German Desk. Oliver is further a member of the tax working groups of the Association of the Luxembourg Fund Industry (ALFI) and the Luxembourg Private Equity Association (LPEA).

Oliver is the author of more than 250 articles and books on Luxembourg and international taxation including Transfer Pricing and related documentation requirements, the OECD Base Erosion and Profit Shifting (“BEPS”) Project and the EU Anti-Tax Avoidance Directives
(ATAD 1 & 2), reporting obligations of tax intermediaries (DAC 6), the OECD Model Tax Convention and Tax Treaties, EU Law and the State Aid investigations of the EU Commission. He is also a regular speaker at conferences as well as a lecturer with House of Training, Legitech and ILA.

Oliver is qualified as a Chartered Accountant in Luxembourg (“Expert-Comptable”) as well as a certified German tax adviser (“Steuerberater”). He holds a post-graduate degree in Luxembourg Tax and a degree in Business Administration with a major in Tax from the University of Applied Sciences of Trier (Germany).

 

Fanny Bueb, Tax Director, ATOZ Tax Advisers

Fanny is a Director in the International and Corporate Tax department at ATOZ.

A tax professional since 2011, Fanny worked in the accounting sector for 2 years with a Big4 in France before focusing on international tax in Luxembourg. Fanny has experience in relation to the structuring of Alternative Investments via Luxembourg (private equity, real estate, infrastructure, etc.) as well as mergers & acquisitions (multinational groups). She also provides tax advisory services to clients in the Luxembourg banking area with a particular focus on the treatment of transactions under Luxembourg GAAP and IFRS.

Fanny is a member of the Core Transfer Pricing Team of ATOZ that develops new transfer pricing services and deals with complex, non-standard transfer pricing engagements. She further advises on the new reporting obligations of tax intermediaries under the mandatory disclosure regime (DAC 6).

Fanny holds a post-graduate degree in Luxembourg Tax. She holds a Master’s degree in Accounting (French GAAP, IFRS), Finance and Management as well as a Master’s degree in Business and Tax Law from the University of Strasbourg (France).

 

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

Prix : 345€ HTVA

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

 

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