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As an asssociate member of LuxFLAG, Wildgen is delighted to announce that the second application process for the LuxFLAG Environment Label is now open.</h2>

<p>The subject matter of this article relates to the registers in which the different registered titles - shares, bonds, etc. – which may be issued by a commercial company are recorded.<br />

<p>On the 21st of November, an amendment to the Agreement between Luxembourg and Russia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed in Moscow. The amendment, built on successful efforts of Luxembourg to improve contractual provisions of economic interest, addresses in particular the taxation of dividends. The dividends are now subject to a tax of 5%, instead of 10%.</p>

<p><strong>A draft bill to amend the law of 11 May 2007 on the Luxembourg « SPF» has been introduced on 15 July in order to comply with the principles of both the Treaty on the Functioning of the European Union and the Agreement on the European Economic Area (EEA).</strong></p>
<p>As a replacement for the traditional Holding 1929 companies, a law establishing a new private asset management vehicle – the <em>Société de gestion de Patrimoine Familial</em> («SPF») - was passed by the Luxembourg Parliament.</p>
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<p>Pursuant to the Circular letter 11/3 dated 21 October 2011 as issued by the RCS, the RCS announces that it will further refuse the filing of resolutions in revocation of voluntary winding-up. Most interestingly, this issue had been already discussed in the context of summary proceedings in 2006. Pursuant to a référé order of 19 May 2006, the Vice-President of the District Court of Luxembourg had ordered the RCS to accept the filing of such resolutions. Based on this judicial decision, the revocation of voluntary winding-up was in practice from time to time.<br />

<p><strong>On 17 November 2011, the Ministry of Finance and Budget presented a draft bill n° 6366 relating to the activity of Family Office in Luxembourg. Once this draft bill is enacted as a law (presumably during the course of 2012), Luxembourg will become the first European jurisdiction to implement a specific legal regimen for this activity. Outside Europe, only the USA recently added this activity to their legislative arsenal, pursuant to the Dodd-Frank Act (July 2010).</strong></p>
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<p><strong>On November 21, 2011, the Double Tax Treaty between the Grand-Duchy of Luxembourg and the Russian Federation dated June 28, 1993 (hereafter the “DTT”) has been amended by a protocol implementing new important rules aiming to avoid double taxation and to prevent fiscal evasion with respect to taxes on income and capital (hereafter the “Protocol”). The Protocol will enter into force in both countries as from January 1, following the date on which the respective ratification procedures have been completed.</strong></p>

<p>En ce début d’année, un bilan de l’industrie des fonds d’investissement (le(s) « Fonds ») s’impose compte tenu des modifications et évolutions intervenues au cours de l’année 2011.</p>

<p>Publication of the Law of 18 February 2012 amending the law of 11 May 2007 on the Luxembourg « SPF».</p>

<p>On 28 January 2011, the Luxembourg direct tax authorities issued a circular (L.I.R n°164/2) (the “Circular”), which clarifies the tax treatment of Luxembourg companies that perform intra-group financing activities and sets out the framework for granting advance tax clearance concerning them. These guidelines are aimed at assisting the tax authorities and companies dealing with intra-group financing in determining their taxable basis in Luxembourg in accordance with OECD transfer pricing principles.</p>