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> > > Structuring alternative investments (private equity, real estate, etc.) In the post-beps era | Module 2: substance requirements

Structuring alternative investments (private equity, real estate, etc.) In the post-beps era | Module 2: substance requirements

Droit fiscal

Date : 14/05/2019 Horaires : 14h00 - 17h00 (accueil à partir de 13h30) Lieu : Novotel Kirchberg

Thématique : Legitech en collaboration avec ATOZ Tax Advisers

Module 2: substance requirements

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 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:

o   have an understanding of the concept of substance in international taxation

o   have a clear idea why substance is required

o   understand the tax risks relating to a lack of substance


  • 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

*     *     *


Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers

Oliver R. Hoor is a Tax Partner in the International and Corporate Tax Department of ATOZ. He is also heading the transfer pricing practice and the German desk of ATOZ.

His professional qualifications include the Luxembourg Certified Accountant (Expert Comptable) and the German Certified Tax Advisor (Steuerberater). He holds a degree in business administration with a major in tax from the University of Applied Sciences of Trier (Germany).

Oliver has more than 16 years of practical experience in Luxembourg and international taxation (including transfer pricing) with a focus on Alternative Investments (Private Equity, Real Estate, Sovereign Wealth Funds, Hedge Funds and Securitization), Mergers & Acquisitions and Multinational Groups.

Oliver has published more than 200 articles and books on Luxembourg and international taxation, including transfer pricing, the OECD Base Erosion and Profit Shifting (“BEPS”) Project and the EU Anti-Tax Avoidance Directives, the OECD Model Tax Convention and bilateral tax treaties, EU Law and the State Aid investigations of the EU Commission. Oliver is further a regular speaker at conferences and lecturer with Legitech and House of Training.


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

Prix : 345€ HTVA pour chaque workshop (le prix inclut l’ouvrage Transfer pricing pour le Module 3 du 21 mai)

En cas d’inscription aux 3 workshops : un workshop gratuit, soit 690€ pour les trois (ouvrage compris) – Code PROMO : 3MODULES

Module 1 – 7/05/2019

Module 2 – 14/05/2019

Module 3 – 21/05/2019

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



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