Luxembourg



World Tax Reviews

Tax
Allen & Overy

Allen & Overy is one of the largest global law firms in Luxembourg, employing two partners and 14 other fee earners in the tax department alone. The team is led by Jean Schaffner, a previous member of the firm's global tax board. Funds and alternative investment firms remain the focus, but it also assists a variety of other financial institutions, such as multinational banks and fintech companies, as well as a small number of multinational corporations with operations in Luxembourg.

Highlights during the research cycle include the structuring of a global debt fund platform with pan-European dimensions, alongside state aid advice for a French multinational.

Senior associate Luis Muñoz departed to DLA Piper in November 2020 and counsel Julie Carbiener left for Simmons & Simmons in April 2021.

Arendt & Medernach

Arendt & Medernach is a full-service Luxembourg law firm, covering all areas of corporate taxation in Luxembourg. It also assists on cross-border taxation work, as well as advising clients on indirect taxation and assisting private clients. The team also offers financial reporting and accounting, as well as possessing housing a transfer pricing practice. The tax department is led by partner Thierry Lesage, a specialist in the private equity, real estate, and financial transaction sectors. He is supported by a wider team of partners, counsels, and associates.

Recent activity involved tax, legal and regulatory assistance for several strategic acquisitions for Metric Capital Partners. Establishment of securitization vehicles and anti-hybrid rule interpretation compounded the deals complexity. A transfer pricing analysis was successfully completed on IP arm’s length interest for an investment agency.

Associates Jérôme Patrao, Shi-Hong Duong and Roman Sava arrived in September and October 2020 respectively.

Baker McKenzie

Baker McKenzie Luxembourg was enriched with arrival of Diogo Duarte de Oliveira and his team from Stibbe bringing experience in transactional and private equity tax matters. Product specialism can be subdivided to sovereign wealth funds, private equity, tax controversy and DAC6 legislation. The Luxembourg transfer-pricing team, under Antonio Weffer with four economists is one of the largest in the domestic market.

Recent activity included Brexit induced counsel to a sovereign wealth fund which assessed income derived from a host jurisdiction, and arm’s length pricing on intra-group transactions for an asset management client.

Counsel Delphine Danhoui departed to CMS in November 2020. Associate Margherita Hausbrandt joined from EY Luxembourg.

Bonn Steichen & Partners

Bonn Steichen & Partners has entrenched experience in the domestic market with a burnished reputation for litigation. Multijurisdictional equity cases are offered alongside IPOs, joint-ventures, litigation, HNWI estate planning and collective investment vehicles. Managing partner is Alain Steichen supported by three counsels.

Recently the firm advised private equity house Apax Partners in a tax litigation regarding an alleged withholding tax liability on proceeds redeemed by Hellas Telecommunications. BSP advised the consortium led by Advent and Cinven on the acquisition of Thyssenkrupp’s elevator business for €17.2 billion. The acquisition is one of the biggest private equity deals in Europe in recent history.  

Clifford Chance

Clifford Chance's tax presence is Luxembourg is focused within the areas of fund formation, real estate investment and transactions as well as local level litigation. The firm works with its tax advisers in various global offices to advise clients in the areas of international taxation and cross-border transactions. The Luxembourg tax department is led by partner Geoffrey Scardoni, who is assisted by counsel Maxime Budzin and senior associate Josselin Badoc.

Recent highlights include advice related to Patrizia on the acquisition of AIRE offices in the real estate sector. Transactional value was approximately €800 million. A landmark controversy case was won for Signature Capital against the Luxembourg tax authorities.   

Deloitte

Deloitte operates one of the largest tax departments in Luxembourg, numbering more than 460 taxation professionals, including 32 partners. It advises on all aspects of taxation and transfer pricing and is led by M&A and alternative investment fund specialist Raymond Krawczykowski.

Recent activity included a Luxembourg indirect tax real estate restructuring project involving 25+ large multi-tenant properties in a $12 million deal. An IPO was designed on a Luxembourg vehicle through the Amsterdam stock exchange for an international parcel delivery firm.

Dentons

Denton’s Luxembourg team has advised clients from major industry sectors in all key business areas. The team is expansive and handles major cross-border transactions, litigations, and other tax-related matters. In Luxembourg the practice has tax compliance and reporting faculties. Recently appointed partner Jean-Luc Fisch is the new head of taxation, supported by counsel Romain Baroan and senior associate Vincent Quittre.

Recent highlights include advice relayed to IsDB on a trust certificate issuance programme constituting one of the largest on the Luxembourg market in 2020. Tax due diligence and regulatory advice was relayed to FSDAi on sustainable sub-Saharan transactions.

Partner Jean Luc Fisch joined from Elvinger Hoss Prussen in August 2020 followed by senior associate Vincent Quittre in March 2021 with future hires planned.

DLA Piper

DLA Piper operates a small Luxembourg tax team, headed by partner Jacques Wantz, which focuses its expertise on advising clients within the alternative investment field. IT advises on all indirect and direct taxation advice for alternative investment funds, including fund set up, fund structure and transactions.

Recent highlights include advice to EIG on the sale of an investment through a Luxembourg company demerger followed by the asset transfer in a lucrative deal. The firm counselled Lehman Brothers on a complex synthetic transaction.

Partner Luis Munoz arrived from Allen & Overy in January 2021.

DSM Avocats à la Cour

DSM Avocats à la Cour is composed of founding and managing partner Mario Di Stefano, and partners Jérôme Bach and Alex Pham. The group advises corporate clients on a wide variety of international transactions and investment structures. The firm handles strategic tax planning to high-end technical advice, including municipal business rates and registration duties. Specialist sectors are financial services, HNWIs, real estate and investment funds.

Recent cases include a landmark litigation case before the Luxembourg taxation authorities pertaining to an annulled tax assessment, alongside investment vehicle counsel for HNWI inheritance protection.

GSK Stockmann

GSK Stockmannis a full-service practice orientated in both domestic and international assignments. They provide expertise in private equity investments, structured finance, securitisation transactions, corporate group restructuring, M&As, fintech setup and cryptocurrency transactions. The multidisciplined team is led by partner Mathilde Ostertag with cross-border advice for German-speaking clientele in the pensions and financial industries.  

Recent activity included a cross-border real estate acquisition for AXA on office infrastructure with post restructuring guidance. A new securitisation company and holding fund infrastructure was created to a lucrative market value.

KPMG

KPMG has a significant presence in Luxembourg, with more than 290 professionals, including 24 partners and directors. The Luxembourg tax team is led by financial sector specialist Sébastien Labbé. He also leads the corporate tax working group at the Luxembourg banking association. While the firm offers expertise in all areas of indirect and direct taxation, it is focused on the financial sector which includes alternative investments, under partner David Capocci.

Some highlights from the research period include fund exit investment from a VAT vantage point in a €2.7 billion deal for the financial sector. Restructuring of intangible property and associated royalties also featured.

Partner Benedicte Moens-Colleaux arrived from BMC Advisory in February 2020. Outgoing partners Eric Lenert and Philippe Neefs retired in December 2020 and January 2021.

Loyens & Loeff

Loyens & Loeff is widely regarded as one of the leading tax firms in the Benelux region. It works closely with all other legal departments and offers advice in all areas of direct and indirect tax, including transactional tax, international taxation, corporate taxation, private wealth planning and tax litigation cases. The Luxembourg firm is led by partner Jochem van der Wal, while co-head Thierry Charon splits his time between Belgium and Luxembourg.

Recent activity included multi-jurisdictional group restructuring for an international investment management provider, alongside ATAD 2 regulatory counsel for a global investor.

Reflecting the firm’s meritocratic ethos, five prospects were promoted to senior associate in January 2021.

Norton Rose Fulbright

Norton Rose Fulbright possesses a global network of over 50 offices. The Luxembourg tax practice is known for their high quality of service in tax transaction. The team provides strategic tax planning, due diligence, and tax opinion services as well. General tax structuring includes advice on investment funds, asset management and banking and finance. The group also provides advice in tax audits. Partner Florent Trouiller is the key firm contact.  

The firm was engaged by Oxus Development Network to complete internal restructuring with a total volume of EUR 40.9 million in total. A Lender orientated financial restructuring was completed for the maritime sector in association.

Simmons & Simmons

Simmons & Simmons Luxembourg are a boutique practice situated within an international law firm. They have distinction in cross-border transactions including M&A restructuring and planning. Fee earners provide tax modelling and compliance services with indirect insurance premium tax counsel. A strong client base is found in investment funds and asset management. Partner Pierre-Régis Dukmedjian leads Simmons & Simmons's local tax department, supported by managing associate Nadejda Girleanu.

Recent activity includes tax and corporate due diligence for real estate acquisitions with cross-border dimensions and special purpose vehicle construction for a pan-European asset management firm transaction.

Partner Julie Carbiener joined the firm in May 2021 with repute in debt transactions.

Stibbe

Stibbe is one of the best-known full-service law firms operating in the Benelux region. The Luxembourg office operates a team of six tax specialists, led by partner Johan Léonard. The tax department works closely with the firm’s own real-estate, corporate and investment fund teams to provide a full service offering to clients. It advises extensively on transactional tax, fund structuring, tax litigation and for private clients.

Recent highlights include advising InPost on tax questions relating to its IPO and listing on Euronext Amsterdam, alongside Lux fund established in the real estate sector for a German initiator.

TS&P

TS&P is a boutique firm, founded in 2018, focused on tax law, financial law and corporate law. The firm was created by Torsten Schmitt and André Pesch, both formerly of Baker McKenzie. Pesch is the principle of the tax department, where he is supported by partner Arnaud Lebrave, as well as a further team of practitioners. Many of the senior tax team also left the Baker McKenzie tax department to join TS&P. The firm advises many large investment companies in Luxembourg on all aspects of general corporate tax, as well as with transactional taxation and transfer pricing.

Recent highlights include the creation of divestment strategies involving Luxembourg aspects for the financial services industry, and fair market valuation analysis in compliance with tax regulations for the payments sector.

Director François Antoine was hired from PwC on September 1, 2020.