Flora Castellani, Georges Bock
Luxembourg has actively participated in the OECD-BEPS project since its beginning, and has already implemented most of the BEPS minimum standards, write Georges Bock and Flora Castellani of KPMG Luxembourg. The government has also stressed the need to promote a coordinated implementation of the BEPS Actions at an international level to ensure a level playing field worldwide.
Luxembourg's approach must also be considered in a wider European context, one of its key steps being, as with other European countries, the implementation of the provisions of the Anti-Tax Avoidance Directives (ATAD 1 and ATAD 2).
While Luxembourg is adapting its tax framework to these changes, it also wants to maintain its level of attractiveness. Thus, one of the measures recently enacted by the government to remain competitive is a progressive decrease in the corporate income tax rate (leading to a global income tax rate of circa 26% in 2018). Besides that, the tax reform for 2017 has also been characterised by the reinforcement of the fight against tax fraud and money laundering.
Luxembourg signed the MLI in June 2017 together with 69 other participating countries. The objective of the MLI is to introduce certain BEPS measures into double tax treaties. Luxembourg has notably chosen to insert the principal purpose test rule as an anti-treaty abuse provision, as well as the rules for making dispute resolution mechanisms more effective, which are both BEPS minimum standards. The MLI will now have to be ratified by Luxembourg and, depending on the timing of ratification by the various contracting states, its provisions are likely to apply from 2019 onwards.
Following the repeal of its intellectual property (IP) regime as of July 1 2016, Luxembourg issued, in August 2017, a bill introducing a new IP tax regime in line with the modified nexus approach developed by the OECD in Action 5 of the BEPS project (countering harmful tax practices). The bill provides for an 80% tax exemption on income derived from patents (including IP assets functionally equivalent to patents) and copyrighted software, as well as a full net wealth tax exemption of these assets. If passed, the new IP regime would be applicable from 2018.
Luxembourg has implemented numerous measures over the past years to reinforce tax transparency in line with recent EU directives and the BEPS minimum standards. This includes the implementation of rules on the automatic exchange of information on tax rulings, as well as those on (non-public) country-by-country reporting.
Luxembourg has further enhanced its transfer pricing regulations by clarifying the legislation in line with the OECD Transfer Pricing Guidelines as laid down in the 2015 final report on Actions 8-10 of the BEPS project (transfer pricing). With this enhancement, Luxembourg emphasises that the arm's-length principle must also be applied in the context of a wider value chain analysis.
The Luxembourg tax authorities also published, at the end of 2016, a new transfer pricing circular aiming at clarifying the transfer pricing rules for companies principally performing intra-group financing transactions. The new guidance highlights the importance of the comparability analysis in the application of the arm's-length principle.
In order to reinforce Luxembourg's tax competitiveness whilst considering budget constraints, legislators have introduced, inter alia, the following measures.
The corporate income tax rate has been decreased to 19% in 2017. Thus, the aggregate income tax rate for companies with a registered office in Luxembourg City is approximately 27% for 2017 and will be further decreased to approximately 26% in 2018. Moreover, the corporate income tax rate has been decreased from 20% to 15% for corporations with a taxable basis up to €25,000 ($30,000) in favour of start-ups and small enterprises. The minimum net wealth tax for holding companies has, however, been increased from €3,210 to €4,815.
For income tax and municipal business tax purposes, the carrying forward of tax losses incurred as from January 1 2017 has been limited to 17 years. Older tax losses will be deducted first. Tax losses incurred before 2017 may still be carried forward without any limitation in time.
To stimulate corporate investments in Luxembourg, in particular in the innovation sector, investment tax credit rates have been increased by one percentage point, and in order to comply with EU law, investment tax credits are also be applicable to investments made in another member dtate of the European Economic Area.
In December 2016, the Luxembourg parliament approved a tax reform which for most individuals will bring a lower tax burden compared to 2016. Most of the measures apply to 2017 and future years. However, some measures only apply as of 2018.
The most relevant changes can be summarised as follows:
The tax reform has also been characterised by the reinforcement of the fight against tax fraud and money laundering. Three types of tax fraud are now distinguished: "simple" tax fraud, "aggravated" tax fraud, and tax evasion ("escroquerie fiscale").
The law introduced a new concept of aggravated tax fraud for direct and indirect tax purposes, which is considered a criminal offence. Furthermore, the money laundering infraction has been extended to cases of aggravated tax fraud and tax evasion. This means that perpetrators can face prison sentences of one to five years and/or fines of €1,250 to €1,250,000. Finally, the filing of a deliberately incomplete or incorrect direct tax return and the non-filing of direct tax returns is now subject to an administrative fine. The fine depends on the amount of the understated tax (or unduly reimbursed tax) and will range from 5% to 25% of that amount. The maximum penalty that can be imposed in cases of late filing of direct tax returns was increased to €25,000.
Whilst the above measures apply as of 2017, the following measures will apply as of 2018:
Taxpayers can still benefit from tax amnesty by filing a corrective income tax return before December 31 2017 and by paying the amount of tax due (including the 20% increase) within one month following the receipt of the revised tax assessment. Corrective filings after 31 December 2017 could trigger additional sanctions described above.
As part of the 2017 tax reform, a new VAT penalty regime (applicable as of January 2017) has been implemented. The new regime first covers situations where non-conformity with the VAT compliance obligations (such as the VAT registration obligations and/or submission of VAT returns) arises. These situations are now subject to increased penalties (€250 to €10,000).
New concepts have been introduced in the Luxembourg VAT Law, such as aggravated tax fraud, which occurs where the infringement per period and per year is more than one quarter of the VAT due, but less than €10,000. In this case, the penalty applicable can amount to €25,000 or six times the amount of VAT eluded. In the case of escroquerie fiscale, which occurs where the taxable person regularly uses fraudulent actions in order to elude the payment of VAT, the penalty can amount to €25,000 or ten times the amount of VAT eluded. In both cases, the person infringing the VAT law can also be subject to imprisonment.
The Grand-Ducal Decree of January 21 2004 (modified) on the exemption of services rendered by independent groups of persons to their members was abolished in July 2017, following a May 2017 decision rendered by the European Court of Justice in the case "Commission against Luxembourg" (C-274/15). The Court decided that the Luxembourg legislation that implemented Directive 2006/112/EC (i.e. the modified Grand-Ducal Decree of 2004, the Administrative Circular No 707 of January 29 2004, and the note of December 18 2008 by the working group within the Comité d'Observation des Marchés) was contrary to the article 132, 1, (f) of the Directive.
The next challenges for Luxembourg (as for all other EU countries) will be transposing the provisions of ATAD 1 and 2 into its domestic law while maintaining tax competitiveness on the international level.
Luxembourg will have to transpose most of the ATAD 1 provisions before the end of 2018. The exit taxation rules (ATAD 1) and most of the ATAD 2 provisions on hybrid mismatches will have to be transposed before the end of 2019 (and before the end of 2021 for the rules on reverse hybrids). Whilst some provisions will only require slight changes (such as the exit taxation rules), other provisions will require more significant changes into domestic law. As ATAD 1 and 2 only provide minimal protection for the internal market, and lack detailed guidance, their implementation in Luxembourg will have to be closely monitored.
Two factors have reshaped Luxembourg's tax system in recent years: the LuxLeaks scandal, and, in keeping with other jurisdictions, the BEPS Project and the EU's Anti-Avoidance Directive (ATAD). This combination of internal and external pressure has left taxpayers under intense scrutiny.
The 2014 LuxLeaks scandal provoked a storm of public outrage, after a series of confidential rulings between the tax authorities and multinational companies were unearthed by the International Consortium of Investigative Journalists. The rulings cover more than 300 multinational corporations with interests in Luxembourg.
As a consequence, the tax authorities have raised their game. The pressure of public opinion and the international community have pushed for greater transparency in the country's tax regime. This has put the government in the difficult position of seeking a balance between tackling the problem of avoidance and remaining competitive.
At the same time, the question of tax neutrality has driven new trends in the country. "Luxembourg is shifting towards investment funds and away from traditional tax planning," said Frédéric Feyten, partner at Dentons. "It's all about tax neutrality for private equity funds and restructuring and avoiding excessive tax leakages."
Some practitioners feared that the added factor of the OECD and EU anti-avoidance initiatives would undermine Luxembourg's status as an appealing destination for international capital. Luxembourg is vulnerable to international trends given the amount of multinational capital flows into the country.
One such factor is the call for US corporate tax cuts. In 2017, President Trump announced plans to reduce the rate of corporation tax from 35% to 15%. While many believe such drastic cuts may not be achievable, if the plan is realised, it could have implications for tax policymaking all over the world. As such, Luxembourg's tax specialists are watching the US closely.
"The US tax changes will be fascinating as they play out," said Keith O'Donnell, a founding partner at ATOZ Tax Advisers, Taxand. "It could be a real game changer if the Trump administration can cut taxes to 15% or something close. This could get corporations to bring back assets to the US, while a more territorial tax system could mean more tax planning outside the country."
Many businesses have adopted a wait-and-see attitude to the talk of US tax reform. If the Trump administration succeeds in its ambitions to slash US corporation tax, the impact could encourage other countries to reduce rates further. But what happens next will count on international actors and not just the US.
There is also the question of the UK's exit from the EU, which leaves open all kinds of possibilities. However, the lack of clarity on what an end deal might look like means there is less concern at this point. Once concrete proposals take shape, taxpayers and advisers can put into place contingency plans beyond speculation.
"I'm not sure Brexit makes as much of a difference by comparison. It may do next year, if a 'hard' Brexit goes ahead and some of the proposals to try to turn the UK into the Singapore of the North go ahead," said O'Donnell. "There would be a firm reaction from the EU, in this case. There would have to be new legislation to stop people from moving profits from mainland Europe to the UK."
There are many examples of multinational companies moving their assets due to uncertainty. In December 2016, McDonald's declared it was going to relocate its non-US tax address from Luxembourg to the UK in a move widely seen as a reaction to the European Commission's investigation into state aid.
However, the case of McDonald's might be an exception more than a reflection of a wider trend. Faced with new demands from the tax authorities, the Luxembourg market has seen an increase in dispute resolution and tax litigation. Today companies fear a greater threat of exposure to controversy, as their methods of tax planning are under new scrutiny.
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Arendt & Medernach is the leading independent business law firm in Luxembourg. The firm's international team of 325 legal professionals represents clients in all areas of Luxembourg business law, with representative offices in Dubai, Hong Kong, London, Moscow, New York and Paris.
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Our team provides the full range of tax services:
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Loyens & Loeff is an independent full service law firm, specialised in integrated legal and tax advice. We have a 100-year track record of international (corporate) tax planning with more than 350 top tax specialists, international tax lawyers and 500 corporate/regulatory lawyers working from our offices in all major financial centres.
We understand that multinational businesses and cross border investors are increasingly faced with a multitude of international developments that impact their decision making, raising questions about how to structure future projects and transactions. In these complex, constantly evolving situations, we offer pragmatic advice and tailor-made solutions.
Our Tax practice covers all areas of tax law and is integrated with our other practices such as Corporate/M&A, Real Estate, Investment Management/Funds, Private Equity, Banking & Finance, Capital Markets, Private Clients, Employment, Commercial Litigation and Energy.
Areas of tax include tax optimisation, tax compliance, transfer pricing, tax assurance, estate planning, employment tax, European tax, accounting standards and financial reporting, financing and venture capital, holding structures, international and national tax planning, corporate restructuring, rulings, tax litigation, VAT, customs and excess, and international trade.
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|Corporate Income Tax||21%||A|
|Capital Gains Tax||21%||A|
|Net Operating Losses (years)|
|Royalties from, for example, patents, know-how||0%|
A) This is the maximum rate. A municipal business tax and an additional employment fund contribution (employment fund surcharge) are also levied on income. A new minimum tax regime is effective from January 1 2013.
B) A 15% dividend withholding tax is imposed on payments to resident and non-residents. Under Luxembourg domestic law, a full withholding tax exemption applies to dividends if they are paid to qualifying entities established in EU/EEA member states, Switzerland or a country with which Luxembourg has entered into a double tax treaty and if certain conditions are met.
Partner Jean Schaffner leads the Allen & Overy tax team in Luxembourg. He often advises investment banks on structured finance schemes, including securitisations, and has extensive expertise in cross-border transactions. Schaffner has more than 20 years of experience practicing tax law. He works closely with fellow partner Patrick Mischo, who specialises in corporate and international tax law.
Allen & Overy offers clients the full range of tax services, such as structuring, compliance, M&A and other transactions. The tax practice serves a diverse client base drawn from key industry sectors, such as energy, finance, manufacturing; life sciences and real estate.
Head of tax Thierry Lesage oversees the practice at Arendt & Medernach, alongside four other partners: Eric Fort, Alain Goebel, Bruno Gasparotte and Jan Neugebaur. The firm offers the full range of tax services, including corporate tax, structuring; cross-border transactions and liaising with the Luxembourgish tax authorities.
The tax team provides all areas of compliance, including direct and indirect tax, due diligence, transfer pricing and reporting. This varies from calculating tax provisions to filing returns. The remit of the practice extends to tax litigation, whether it's before local courts or the European Court of Justice.
Arendt & Medernach has embarked upon a global strategy by opening offices in New York, London, Hong Kong, Dubai and Moscow. The firm also provides accounting services, financial reporting and value chain analysis, which are key international areas.
Keith O'Donnell is the head of tax at ATOZ, Taxand Luxembourg. He works closely with Oliver Hoor, who leads the transfer pricing unit. O'Donnell has more than 20 years of experience in tax law.
With 15 partners and 60 other professionals, ATOZ Tax Advisers provides a comprehensive range of tax and financial advice to a diverse client base from sectors like finance and real estate. The team continues to grow, hiring two directors this year: François-Paul Patin and Aurelien Le Ret. The practice advises multinational companies on such matters as deal structuring, corporate reorganisations and exit planning.
ATOZ Tax Advisers is a member of the Taxand network. The firm's different departments regularly work together to deliver a high quality client service and the tax practice benefits from these collaborative projects.
Baker McKenzie's tax team is led by André Pesch. He has a wealth of knowledge in the tax aspects of such areas as investment, holdings and intellectual property (IP) rights. Pesch often advises multinational companies and financial institutions on tax issues related to capital markets, transactions and structured products.
Baker McKenzie offers clients advice and support dealing with a wide spectrum of tax matters. These services include compliance, M&A, dispute resolution and reorganisations. The tax group works closely with Baker McKenzie's other departments, which focus on banking and finance, corporate law and asset management.
The team comprises experts with industry knowledge capable of undertaking a multidisciplinary approach to complex cases. The firm's industry expertise covers healthcare, e-commerce, private equity, aviation, banking and real estate.
Bonn & Schmitt has a strong corporate tax practice serving multinationals, investment funds and other financial institutions. Counsel Gaëlle Felly is a key contact at the firm. Two other distinguished team members include Pierre-Luc Wolff and Patrick Andersson.
Bonn & Schmitt offers a broad palette of tax services, including corporate and international tax law, planning, structuring, transactions, litigation, VAT and other indirect taxes. Beyond this the firm offers clients advice in capital markets, banking, investments and securitisations. The firm's international client base comes from as far apart as the US and South Africa, including multinational corporate groups, institutional investors and high-net-worth individuals.
Managing partner Alain Steichen oversees the tax practice at Bonn Steichen & Partners. He has experience in banking and financial services, particularly private equity, private wealth and business planning. The firm offers clients such services as tax planning, transfer pricing, transactions, tax litigation and arbitration.
A key figure at the firm is principal Christine Beernaerts, who has expertise in developing tax-efficient structures for businesses active in multiple jurisdictions. Her remit covers the tax aspects of corporate M&A transactions and divestitures for major banks, capital market deals and financial instruments.
Another distinguished partner is Jean Steffen, who coordinates complex multi-jurisdictional legal projects for domestic and international clients. The firm draws a strong client base from multinational companies and start-ups in major industries like real estate and construction, IT and financial services.
Clément & Avocats is an independent business law firm offering a wide array of tax services. It was founded by Christophe Clément in 2014. Before founding the firm, Clément worked for Baker McKenzie, Clifford Chance, PwC and Arthur Andersen. He has more than 15 years of experience in advising clients on real estate, private equity, securitisation, debt funds and restructuring.
Clément has expertise in M&A transactions, company reorganisations, IP rights and incentive schemes. Other key members of the team include partner Jens Konrad, associate Anne-Claire Wax and attorney Theodore Fisher. The firm assists clients with international tax structuring, corporate reorganisations and the structuring of private equity, debt and management packages.
Partner François-Xavier Dujardin is the head of tax at Clifford Chance's Luxembourg office. He has more than 17 years of experience as a tax expert, specialising in funds, structured finance and international tax structuring. The tax practice comprises eight partners and more than 80 lawyers.
Clifford Chance launched its Luxembourg practice in 2000. The firm provides the full range of tax services, with particular strengths in M&A transactions, cross-border issues, investment funds, capital markets and financial services. This remit includes tax litigation and dispute resolution. The firm's industry focus areas encompass banks, energy, investment funds, insurance, private equity, real estate and sovereign wealth funds.
With 31 partners and 380 other professionals, Deloitte has one of the biggest tax practices in Luxembourg. Raymond Kawczykowski heads the tax and consulting group, which offers a full spectrum of tax services. Kawczykowski has more than 20 years of tax experience and specialises in M&A transactions and alternative investment funds.
Deloitte Luxembourg has a diverse and international client base, with representative offices in New York, Hong Kong and London. The tax group offers clients advice and assistance with international tax planning, compliance, reporting and controversy. The team's industry expertise encompasses consumer products, life sciences, energy and financial services.
As part of Deloitte's international focus on technology, the Luxembourg tax practice offers clients a range of automated solutions to tax concerns. For instance, the team provides clients with a tool for FAIA files, which allows them to analyse such files with data from different operating and accounting systems. This is just one of many solutions the team offers.
Partner Frédéric Feyten is the head of the tax practice group at Dentons. The firm offers a wide range of tax services, in areas such as direct and indirect tax, IP rights, cross-border transactions, M&A deals and structuring. The tax practice group, consisting of eight tax professionals, specialises in structuring and international tax planning.
One distinguished team member is principal Marc-Antoine Casanova, who has impressive expertise in transactions and investment vehicles. As one of the firm's key focus areas is financial services, the practice's client base includes many investment funds, multinational corporate groups and private equity companies.
Geoffrey Scardoni is the head of the tax department at DLA Piper. Launched in 2014, the Luxembourg practice focuses on corporate, financial and tax issues. The tax team rapidly expanded from two to five professionals. One of the recent additions to the practice is Danara Ungunova, who has expertise in tax structuring and transactions, having previously worked for Deloitte, Clifford Chance and KPMG.
DLA Piper covers all tax areas, including direct and indirect tax, transfer pricing and structuring. The tax team is well known for its expertise in the alternative fund industry, such as private equity, real estate and fund formation. The firm has a broad spectrum of clientele, ranging from corporates and private equity firms to investment funds and high-net-worth individuals.
Elvinger Hoss Prussen is an independent business law firm, which offers an extensive range of tax services. Founding partners André Elvinger, Jean Hoss and Yves Prussen have overseen the firm's services since they established it in 1964. Elvinger and Hoss focus on corporate tax law, whereas Prussen specialises in property law and real estate litigation.
The tax team includes partners Elisabeth Adam, Dirk Richter, Jean-Luc Fisch and Olivier Gaston-Braud. The firm's key practice areas include M&A transactions, dispute resolution, tax litigation, restructuring, transfer pricing, VAT and other indirect taxes. The practice focuses on key industries and clients in financial services, real estate and the non-profit sector.
Partner Marc Schmitz leads the tax group at EY Luxembourg. The team includes Christian Schlesser, the head of operational model efficiency (OME), Olivier Bertrand, in charge of transactions, and Bart Van Droogenbroek, who heads the income tax practice.
Over the years, Schmitz has advised numerous large multinational companies from a variety of industry sectors, such as mining and metals, automotive, pharmaceuticals and financial services. His expertise covers the spectrum of tax affairs, whether it's investment and financing, M&A transactions or reorganisations.
The tax practice at EY offers its diverse client base the complete range of services, such as international tax structuring, corporate tax, transfer pricing and OME, reporting, accounting and compliance.
Georges Bock is the head of tax at KPMG Luxembourg. He has more than 20 years of experience in finance and offers specialist tax advice to banks, investment funds and insurance companies. Bock is also well known for his expertise in EU tax law. The tax practice comprises 25 partners and more than 200 other professionals.
KPMG Luxembourg offers the full range of tax services, including corporate tax, international tax, transfer pricing, compliance, wealth management and cross-border issues. Other distinguished partners at the firm include Sébastien Labbé, Gérard Laures, Laurent Engel and Frank Stoltz.
The tax group takes a multidisciplinary approach to tax issues and provides innovative strategies for clients from various industries. These sectors include chemicals and pharmaceuticals, energy, consumer goods and entertainment.
As part of its strategy, KPMG has invested heavily in tax technology with the aim of bringing together cutting-edge technology with multifaceted tax expertise. This includes software tools for withholding tax reclaims.
Olivier Van Ermengem is the head of the tax group at Linklaters. He advises large multinational companies on corporate tax and international tax law, particularly in relation to cross-border investments. Ermengem works closely with Guido De Wit, who has more than 35 years of tax experience. De Wit specialises in VAT, customs, duties and real estate tax.
Linklaters provides such services as structuring investment in the venture capital, private equity, real estate, transfer pricing and tax litigation. Key practice areas include IP rights, technology, capital markets and banking. This remit extends to initial public offerings (IPOs), spin-offs and joint ventures.
With 44 partners and 300 other professionals, Loyens & Loeff is an international law firm active across the Benelux countries and Switzerland. Key contacts at the Luxembourg firm include Pieter Stalman, Véronique Hoffeld, Frank van Kuijk and Jochem van der Wal.
Loyens & Loeff offers clients the full range of services, including advance tax rulings, compliance, transfer pricing and VAT. The tax practice focuses on such areas as corporate and international tax, IP rights, holding structures, investment platforms and corporate reorganisations. Clients are drawn from industry sectors like food and beverages, energy, life sciences and real estate.
Loyens & Loeff is expanding its international reach beyond the Benelux region. Alongside the firm's presence in Amsterdam, Brussels and Zurich, the practice has established offices in Tokyo, Hong Kong and Singapore.
NautaDutilh offers a full range of tax services, such as international tax law, supply chain management, restructuring, planning and cross-border transactions. Clients include large US multinationals and key financial institutions.
Distinguished partners at the independent law firm include Christophe Joosen and Jean-Marc Groelly. Prior to joining the firm, Joosen was a partner at the international audit department of a Big 4 firm, where he worked for nine years. Groelly worked for several law firms in the US and the UK before joining NautaDutilh. Key practice areas include real estate, IP, private equity, investment funds and capital markets.
Managing partner Wim Piot is the tax leader at PwC Luxembourg. He has more than 20 years of experience practicing tax law and specialises in real estate funds and the financial sector, including Islamic finance. The firm has a diverse portfolio of clients, encompassing companies in the entertainment industry, healthcare, pharmaceuticals and finance. This range includes high-net-worth individuals.
PwC offers the complete range of advice in tax, such as corporate tax, intellectual property (IP) rights, restructuring, M&A transactions, controversy management and dispute resolution. This is alongside an array of TP services, where the team is overseen by Loek de Preter, covering operating model effectiveness (OME), asset management and risk management.
Pierre-Régis Dukmedjian leads the tax practice at Simmons & Simmons. His expertise include M&A deals, private equity, reorganisations, investment funds, real estate and international tax planning. The firm offers a full range of tax services, such as corporate tax, due diligence, cross-border transactions, direct and indirect tax.
Since the Luxembourg office was launched in 2014, the firm has developed and consolidated a reputation with international clients. Dukmedjian works closely with Alejandro Dominguez Becerra and Nadejda Girleanu. The tax team regularly provides clients with indirect tax advice and support with group structuring, compliance and accounting.
The financial services and the real estate industries are two major focus areas for the firm. Clients include high net-worth-individuals, multinational corporations, private equity firms and real estate investment funds.
Partner Diogo Duarte de Oliveira is the head of tax services at Stibbe. He advises clients on fund-raising structures, cross-border holdings, wealth management, IP licensing and supply chain strategy. De Oliveira started his career in Portugal before building up his expertise in the Netherlands, Mexico and Luxembourg.
Stibbe has a full service tax practice across the Benelux countries. The tax team of eight specialists offers advice on corporate tax, planning, controversy, VAT and other indirect taxes. This service range extends to M&A deals, capital markets, EU tax law and incentive schemes.
Recent additions to the practice include Miriam Keusen, Lionel Ancion and Jacob Heyka. The firm's clients include banks, private equity firms, mining companies, sovereign wealth funds, public-private partnerships, real estate portfolios and asset management firms. Private clients include entrepreneurs, artists and athletes.
Partner Raffaele Gargiulo is the head of tax services at Van Campen Liem. He specialises in cross-border investments for private equity and hedge funds. Gargiulo works in tandem with Piet Boonstra, who has strong expertise in transactions.
Founding partners Marc van Campen and Edwin Liem established the boutique law firm in 2011. The firm offers clients a wide range of tax services. This service range includes corporate transactions, tax structuring, M&A, private equity, venture capital, investment funds and restructuring.
The firm's client base is composed of multinational companies, family-owned businesses, sovereign wealth fund and joint ventures. Key industry sectors include biotechnology and corporate governance.
|Tier 1- Luxembourg|
|Allen & Overy|
|Arendt & Medernach|
|Loyens & Loeff|
|Tier 2- Luxembourg|
|ATOZ, Taxand Luxembourg|
|Bonn Steichen & Partners|
|Tier 3- Luxembourg|
|Bonn & Schmitt|
|Elvinger Hoss Prussen|
|Simmons & Simmons|
|Tier 4- Luxembourg|
|Clément & Avocats|
|Van Campen Liem|