World Tax Reviews

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 of the department, 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.

During the research period, the team advised Eltrona, a Luxembourg-based cable company in its joint venture / partnership with Belgium based Telenet through a merger of existing services and sale of a minority stake in Eltrona to Telenet. The tax team also worked on several other innovative and complex tax issues. Those deals remain confidential.

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.

During the research period, the team advised Blackrock in all major transactions involving Luxembourg in 2019. This included successful tax, legal structuring, and finance advice. The team also advised Ergon Capital Partners in a highly complex sale of its portfolio investment Opseo Group. The deal was structured in an innovative way to accommodate the legal requirements and interests of all existing and potential investors.

In terms of lateral moves, the firm hired four associates, Donjeta Beka, Lucile Dos Santos, Sarah Holtermann, and Franklin Lamouroux.

Client feedback

“Very good work. Good to have as part of the same firm teamwork involving transfer pricing, corporate and transactional tax.”

“The work is very satisfactory, meeting the request and expectations and tailored to the needs. There is also regular update from the team on new developments and points to monitor. Weakness / area of improvement could be the meeting of deadlines to provide input / delay in responding.”

“Positive: expertise in many different areas, and thus covering all potential aspects. Weakness: none.”

“Overall the services received are of a good technicality, usually provided within the agreed time and the team involved is available and flexible when communication is required. Feedback can be improved (of the communication from the authorities when relevant or on analysis progress or when additional questions have to be raised). Attention could be paid on communication on the fees not billed at year end to be on time and with a better accuracy.”

Baker McKenzie

International firm Baker McKenzie's tax team has partners experienced in handling international tax planning, transfer pricing and corporate restructuring matters for a clients in a range of industries.

During the research period the team worked on a variety of complex and innovative matters. All clients remain confidential.

The team welcomed Partner Diogo Duarte de Oliveira from Stibbe Luxembourg, as well as two counsels, Olivier Dal Farra and Delphine Danhoui, from Stibbe. Senior associates Lionel Ancion and Miguel Pinto de Almeida joined the firm as well as Tiphanie Grzeszezak, all from Stibbe Luxembourg.

Client feedback

“Excellent, punctual work. The team thinks in advance and comes up with solutions.”

“Diogo Duarte de Oliviera leads a very strong team.  Diogo has provided excellent support.”

Clément Konrad & Partners

The tax team at Clément Konrad & Partners is known for providing tax advice in several areas, including structuring of private equity, real estate and infrastructure and debt funds, tax advice in M&A and corporate reorganisation, structured finance transactions, real estate transactions and tax litigation.

Some deal highlights include assisting an international private equity fund in recurrent tax advisory issues and advising an international real estate investor in a matter involved in analysing the impact of the new double tax treaty concluded between France and Luxembourg.

Client feedback

“Quality, reactivity, reasonable fees.”

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.

Clifford Chance advised Patrizia in a proposed acquisition that required creating a newly established logistics fund. The deal required a cross-practice and cross-border team to advice the proposed acquisition of 42 logistic assets from BentallGreenOak. Another highlight included work for Goldman Sachs in creating the first ever social bond issued by a sovereign.

The tax team welcomed senior tax adviser Kim Ngo from DLA Piper and associate Marine Mouchel Vallon from Linklaters during the research period


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.

During the research period the team worked on a variety of complex and innovative matters. All clients remain confidential. A highlight includes the work the firm provided for a client utilised the use of a traditional banking instrument in an asset management context. The tax department also developed several innovative methods of for tax research, department structuring and approach to its work.

Deloitte welcomed four new directors, three senior managers and three managers during the research period.

Client feedback

“Strengths: availability, quality of communication, efficient and pleasant teams, synthetic and useful deliverables, frequent invitations to join for free events and webinars.”

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.

During the research period the team worked on a variety of complex and innovative matters. All clients remain confidential. Many of the matters were selected due to their high-profile nature and cross-border nature.

In terms of lateral moves, the team welcomed Counsel Julie Hecklen from ING Private Bank. Senior Associate Kim Ngo left the firm for Clifford Chance.

Client feedback

Thinking about client's needs, responding fast, good knowledge of law”

DSM Avocats à la Cour

The tax team at DSM Avocats à la Cour is composed of founding and managing partner Mario Di Stefano, partner Jérôme Bach and counsel Alex Pham. The group advises corporate clients on a wide variety of international transactions and investment structures.

Over the research period the team worked on a variety of complex and innovative matters. All clients remain confidential.

Client feedback

“Very good work, responsiveness of the team, availability.”

Dupont Partners

Dupont Partners offers a full-service tax law department that can match the needs of local and international clients. The group covers all international transaction and structuring work, tax audit and litigation. The specialties the team works in include real estate, infrastructure and debt structuring design. Specialties also include corporate structuring, restructuring, and financing, as well as alternative assert and fund structuring.

During the last 12 months, the team worked on a variety of complex and innovative matters. All clients remain confidential.

During the research period, the group hired of counsel Estelle Wanssy from Deloitte. The team also grew with senior associate Cathy Brugger from Van Den Bulke and of counsel Cristiano Bortolotti from Dentons.


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, as well as being a board member of the Fiscal Affairs Committee at the same organisation. While the firm offers expertise in all areas of indirect and direct taxation, it is focused on the financial sector, which includes a strong department focused on the tax treatment of alternative investments, led by partner David Capocci.

Some highlights from the research period include work for an international investment fund in helping set up the first Luxembourg based fund for cross border real estate investment from a certain country. The group reviewed the impact of using an MLI, a new concept in for reshaping double tax treaties and drawing impact assessments in EY jurisdictions.

During the research period the team hired partner Henri Prijot from Deloitte and Partner Benedicte Moens-Colleaux from BMC Advisory.

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 managing partner Thierry Charon splits his time between Belgium and Luxembourg.

During the research period the firm provided ongoing support to several major Latin American companies on bond issuances and tap-issuances. The value of the deals in aggregate is in the US$ billions. Most deals remain confidential.

The firm hired associate Aline Nunes from EY, New York in April 2019.

Client feedback

“Great analysis and detailed and crystal-clear documentation/presentation work. Members of the firm involved with great knowledge and experience of different specific issues and matter (tax, legal, IP, etc) Perfect supervision and execution of all necessary steps (corporate meetings, information, documentation) authorities’ interaction.”

“Our overall experience with working with the firm has been very good. The team is very professional. Team is technically competent and very responsive to client queries. We didn't notice any weakness in their work.”

“Seamless catch-up during transition period - extremely efficient and professional handling - swift turnaround - clear guidance if needed - excellent and friendly teamwork - NO weaknesses.”

“Loyens are a landmark brand in the Luxembourg legal market, counting on deep expertise and a powerful line-up of client-oriented, fast and thorough tax lawyers.”

“Tax technical skills on very high level, able to deal with very complex situations and strength in leading court negotiations and practical actions.”

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.

The firm was engaged in numerous highly complex and innovative deals. A highlight was the firms’ ongoing advice to National Bank of Canada in the frame of the issuance of bonds publicly offered in Luxembourg. The value of the work is $10 billion.

The group hired tax partner Florent Trouiller from Dechert. The team also welcomed tax associate Katherine Martineau. Tax partner Raquel Guevara left the firm for Warburg Pincus.

Client feedback

“Fast feedback, to the point answers.”

“NRF provided good quality and thorough work and explained to us in detail but in a comprehensive way the implications and revisions required. They showed very good technical expertise, knowledge of the jurisdiction and of all tax matters related to it. They were diligent and responsive and gave us confidence to carry on working with them. I did not identify areas of weakness therefore I will not provide areas of improvement.”

Simmons & Simmons

Partner Pierre-Régis Dukmedjian leads Simmons & Simmons's local tax department, with the support of managing associate Nadejda Girleanu and supervising associate Alejandro Dominguez Becerra. Each member of the team specialises in advising financial clients and the firm has a strong reputation within the asset management and investment fund sector.

The firm was engaged in numerous highly complex and innovative deals. All deals remain confidential.

Client feedback

“S&S, in particular Pierre-Régis Dukmedjian, are very strong on cross border work, meaning a rare ability to think out of the national box. They know their stuff.”

“Great team, knowledgeable, tightly integrated.”

“Small, experienced, well integrated group of individuals who work very well together as team, well organised and coordinated.”

“Strengths: Good knowledge of tax regulations, responsivity and open-mind approach. Weaknesses: quite expensive.”


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 Diogo Duarte de Oliveira. 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.

The firm was engaged in numerous highly complex and innovative deals. All clients remain confidential.

During the research period the firm hired partner Johan Léonard from NautaDutilh and Senior associate Christophe Martin-Raynaud from NautaDutilh. Partner Diogo Duarte de Oliveira, counsel Olivier dal Farra, and senior Delphine Danhoui left for Baker McKenzie.

Client feedback

“Stibbe tax team is very reactive and solution-driven - we are very satisfied by the team led by Johan Leonard”


TS&P is a boutique firm, founded in 2018, focused on only tax law, financial law and M&A/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.

Over the past 12 months, the firm was engaged in the large-scale restructuring of an international investment management firm’s entire intragroup debt and equity financing. All clients remain confidential.

Client feedback

“Very responsive, top management very proactive and client oriented. Great quality of deliverables.”

“The work has been excellent and very proactive. They have a much better understanding of the issues and give pragmatical and solution driven advice in a very timely matter. They continue to be much better than other advisers (including Big Fours) working on this very large transaction.”

“I find TS&P and all their staff of a very high quality and their work has always been excellent.”

“Very sound tax knowledge, well informed (administrative source) and very business-oriented.”