World Tax Reviews

Allen & Overy

Allen & Overy Luxembourg is a versatile full-service practice with repute, comprised of a team of two partners, four counsel and four senior associates. Funds and alternative asset management firms are the core specialties. Clients are drawn from investment banks, corporations, and UHNWIs for structuring mandates. Key practitioners are partners Jean Schaffner and transactions specialist Patrick Mischo.

The firm advised Navis Capital Partner, a private equity firm based in Malaysia, pertaining to the sale of its Luxembourg based portfolio company, B Medical Systems. It also acted for Antin Infrastructure Partners on controlling equity investments.

Client feedback

“I have been working with A&O on several tax conflict resolutions and appreciate the quality of their work and their experience in this field.”

“Allen & Overy's tax practice has strong reputation in Luxembourg.”

“Responsiveness, one stop shop.”

“Deep listening – practical approach – coherent output.”

“First of all, they listened carefully what was at stake and company's needs. Then they provide a very concise, though dense, paragraph which we utilised as introductive paragraph for a note addressed to the Italian tax authorities.”

“Professional, accurate and very reactive.”

“Very commercial and practical.”

"Very proactive. Knowledgeable. Any question/issue is addressed immediately and effectively. Take ownership of their work. Always focus on the big picture. Always very efficient in their communication.”

“Very technical and comprehensive advice but also pragmatical at the same time.”

“Quick responding, very technical memos for us and high-level executive reports for client. Flexibility for meetings and great practical insights during meetings.”

“Knowledgeable advice, bearing in mind recent case law and impact on our business structure. Rapidly available for questions.”

“The job is always done in time, with the right level of commitment and with a strong capacity to listen to the client.”

“Proactive awareness of actual and potential tax considerations in project.”

“Clear and concrete advice.”

“Quick, creative and knowledgeable.”

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 offers financial reporting and accounting, as well as a transfer pricing practice. Partner Thierry Lesage is a specialist in the private equity, real estate and financial transaction sectors. He is supported by a wider team of partners, counsels and associates. Partners Alain Goebel and Eric Fort work alongside head of tax Jan Neugebauer.

The firm advised Attestor Capital on a mobility service transaction to acquire the Europcar Mobility Group. It also acted for Aermont Capital in the sale of the Pinewood Group to a new corporate entity.

Client feedback

“Proactive, efficient and deep sophisticated knowledge.”

“Responsiveness, professionalism, detailed advice, quick turnaround, easy to work with, reasonably priced.”

Baker McKenzie

Baker McKenzie Luxembourg was enriched with the arrival of Diogo Duarte de Oliveira and his team from Stibbe, bringing experience in transactional and private equity tax matters. Practice specialties are sovereign wealth funds, private equity, tax controversy and legislation. Principals Amar Hamouche and Antonio Weffer work alongside counsel Andrea Addamiano.

The firm implemented a cross-border reorganisation between two divisions of BTG Pactual Bank. It also advised a fund on asset structures as a co-investor in a deal valued at $1.5 billion.

Client feedback

“Technical expertise, truly partnering with us (availability at short notice, doing a lot of effort to get to know us better, providing spot-on advice and opinions).”

“Responsiveness, technical knowledge.”

“Extremely proactive firm and partners, and they do look for the best interest of the fund, hence the investors.”

“Comprehensive knowledge and great experience in international and domestic taxation.”

“Baker McKenzie has extensive expertise in tax and transfer pricing issues relating to holding companies. They have an integrated transfer pricing department with a partner and several economists, which is quite rare in the Luxembourg legal market. The tax practice of the Luxembourg office is quite robust.”

“Client focused, creative, rapid response.”

“Availability, technical expertise and listening to the client.”

“Very strong communication and clear advice.”

“The team works efficiently and gets the work done quickly and within our required timeline.”

Clifford Chance

Clifford Chance's tax presence in Luxembourg is focused on fund formation, real estate investment and transactions, as well as litigation. The firm works with its tax advisers in various global offices 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.

The practice advised Credit Suisse on a comprehensive compliance project pursuant to the EU Sustainable Finance Disclosure Regulation. It also acted for Allianz Real Estate on the establishment of its new joint venture with real estate company Heimstaden Bostad.

Client feedback

“Geoffrey Scardoni (CC tax partner) is always available, extremely reactive, and provides relevant and pragmatic advice in the appropriate form. They are also well aware of the tax market evolutions and keep us apprised of recent case law.”

“Clifford Luxembourg Team is extremely knowledgeable and efficient for PE/RE investment fund-related tax questions and can leverage on both the fund structuring colleagues and their pan-European network.”


Deloitte operates one of the largest tax departments in Luxembourg, with more than 460 tax professionals, including 38 partners. It advises on all aspects of taxation and transfer pricing. Corporate tax specialist Yves Knel is an incumbent practitioner. Infrastructure lead partner Francisco da Cunha and indirect specialist Cédric Tussiot are key contacts. Joachim Baillly is the head of taxation.

Recent activity included indirect advisory services on an alternative investment fund platform for the forward-sale of loan portfolios. It also provided refinancing for a financial company restructuring.

The firm recently recruited eleven directors and assorted senior managers for its tax and transfer pricing functions.

Client feedback

“Professional, responsive, delivers high detailed reviews, trustworthy, good communication, good teamwork.”


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, litigation and structuring. In Luxembourg, the practice has tax compliance and reporting faculties. Partner Jean-Luc Fisch is supported by senior counsel Romain Baroan and counsel Vincent Quittre.

Recent highlights include advice to Adepa, an independent fund administrator, in relation to its alliance with Banco Inversis. It also provided a special purpose vehicle for the Islamic Development Bank in a lucrative transaction.

Practitioner Lars Weineck joined the firm as head of anti-money laundering during the research period, with associates Alexandre Michorzic and Yifei Li also coming on board.

Client feedback

“Highly professional, short reaction times, in-depth know-how, very organised with a plan broken down into more than a dozen steps, very easy to work with, worth every cent we paid.”

“Very professional and collaborative.”

DLA Piper

DLA Piper operates a competitive Luxembourg tax team, headed by partner Luis Muñoz, which focuses its expertise on advising clients within the alternative investment field. It provides all indirect and direct taxation advice for alternative investment funds, including fund establishment, structuring and transactions.

The firm advised Generali on the structuring and implementation of its multi-faceted investment platform, with a value of approximately €15 billion. It also acted for a technology multinational in VAT litigation.

Client feedback

“They are reliable and hands on, with good technical skills.”

“Extremely pragmatic and commercial approach to transactional tax advice, and willing to go the extra mile through being proactive and responsive to what is often very pressing demands.”

“Pragmatic approach, competitive fees, great communication and responsiveness.”

DSM Avocats à la Cour

DSM Avocats à la Cour is composed of founding and managing partner Mario Di Stefano and dispute resolution specialist Alex Pham. The group advises corporate clients on international transactions and investment structures. The firm handles strategic tax planning and 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 tax litigation for a pharmaceutical company before the Luxembourg courts to annul a tax assessment. It also provided an investment fund with pre-litigation advice.

Client feedback

“Technical knowledge.”

“Service and responsiveness.”

“Very professional service, swift follow up, efficient dispute resolution.”

GSK Stockmann

GSK Stockmann is a full-service firm covering domestic and international assignments. It provides 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, who provides cross-border advice for German-speaking clientele in the pensions and financial industries. Counsel Katharina Schiffmann is another key practitioner.

The firm acted for a financial institution in the establishment of a securitisation programme. It also advised a multinational on the entire group’s restructuring and relocation to Luxembourg.


KPMG has a significant presence in Luxembourg, with more than 290 professionals, including 32 partners and assorted 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. It is renowned in the financial sector for alternative investments, under partner David Capocci.

The firm provided analysis on a European bank’s cross-border lending transaction pertaining to foreign tax credit. It also counselled Luxembourg life insurance companies on BEPs 2.0 Pillar Two implications.

Director Michael Hansez and senior manager Nitish Bole joined the firm during the research period. Outgoing partner Laurence Lhôte retired in December 2022.

Client feedback

“They are available, clear and accurate.”

“Excellent relationship, skilled staff, professional attitude. Prompt, concise and clear resolutions or advice on the matters. Trustworthy relationship.”

“Look at all areas that might impact us and keep us informed.”

“KPMG Luxembourg proactively assists us. They flag pain points that we did not anticipate or consider properly.”

“KPMG team is very professional, pragmatic and reactive.”

“Sound technical advice, understanding and unique insights into our business and application of the law on our business, fresh and open viewpoint that considers the full range of interpretation of the law, understanding our risk tolerance, offering advice and solutions that give us breadth of flexibility to choose our course of action, and prompt and thorough responses to ad hoc questions posed (usually same day response, this is highly appreciated by management). Quentin and Julie are 100% trustworthy and always supportive.”

Loyens & Loeff

Loyens & Loeff is a leading tax firm in the Benelux region. It works collaboratively in direct and indirect tax, including transactional tax, international taxation, corporate taxation, private wealth planning and litigation cases. The Luxembourg firm is staffed by partner Peter Adriaansen, while counsel Thierry Charon splits his time between Belgium and Luxembourg. Fellow practitioners Peter Moons, Willem Bon, and Frank Van Kuijk are fellow general advisory practitioners.

The firm advised Morgan Stanley on the structuring and establishment of an alternative investment fund structure aligned to private equity in sustainable technology. It also assisted BlackRock with a US$1.5 billion first-of-a-kind issuance and the establishment of a US$11.5 billion note programme.

Partner Jochem van der Wal departed to Loyens & Loeff Amsterdam during the research period.

Client feedback

“Hands-on advice, super-fast turnaround, responsiveness, up to date on the latest developments in international tax.”

“Loyens is very knowledgeable and flexible. They can analyse a case quickly and adapt the level of the analysis to the situation.”

“L&L has highly competent professionals with a mindset driven towards assisting us in accomplishing our business objectives in down to earth and pragmatic manner.”

“Good market coverage.”

“Technical knowledge, practical approach to dealing with controversies, easily approachable.”

Maples Group

Maples Group focuses on international investment funds and financing transactions for private equity firms. Holding structures and M&A service lines are complements for US and private clients. Partner James O'Neal is the head of the Luxembourg tax team. Transactions specialist Jean-Dominique Morelli is a further contact.

The firm assisted a multinational pharmaceutical company in cross-border refinancing and counselled on anti-abuse rules involving hybrid instruments for a private equity firm.

Client feedback

“In-depth knowledge of the topics covered, critical thinking and a good global vision of the issues to be managed.”

Norton Rose Fulbright

Norton Rose Fulbright is known for its high quality of service in transaction tax. It provides strategic tax planning, due diligence and tax opinion services as well. General tax structuring includes advice on investment funds, asset management, banking and finance. The group also provides advice on tax audits. Partner Florent Trouiller is the key firm contact, alongside counsel Raphaële Kamoun.

The firm advised Oxus Development Network on various governance aspects and shareholding restructuring. It also advised a fund manager on a new strategic formation.

Senior associate Jordi Andrea and associate Mounir Kartit joined the firm during the research period.

Client feedback

“They are proactive, pragmatic and very practical when offering solutions; prompt and reactive when we raise anything new, and the tax team actually coordinates and takes the lead on the corporate or financial work derived from their advice, which ensures a consistent implementation and facilitates communications enormously.”

“Fast efficient and clear solution / answers to our requests.”


Stibbe is one of the best-known full-service law firms operating in the Benelux region. The Luxembourg office operates a team of 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 collaborative services. It advises extensively on transactional tax, fund structuring, tax litigation and private clients. Senior associates are Christophe Martin-Raynaud and Anais Bracqbien.

The firm advised the Arcade Beauty Group on its global debt restructuring and recapitalisation. It also acted for a capital investor in a proposed Benelux investment fund creation.


TS&P is a boutique firm focused on tax law, financial law and corporate law. It was created by partners Torsten Schmitt and André Pesch, both formerly of Baker McKenzie. Pesch is the tax principle, and he is supported by partner Arnaud Lebrave. It advises many large investment companies in Luxembourg on all aspects of general corporate tax, along with transactional taxation. Directors Emilie Mattos and François Antoine are fellow practitioners.

The firm advised a capital management firm on restructuring and divestment strategies. It also provided transfer pricing guidance on a carried shares market valuation assessment.

Client feedback

“Quick, reliable, and cooperative.”

“TS&P are truly excellent. They provide very clear concise advice around complicated issues, are responsive and have excellent interpersonal skills.”

“Thorough understanding of the practice in Luxembourg. Business mindset. Fast responder.”

“Responsive, great work, precise, friendly and fairly priced.”

“TS&P has a very deep understanding of our business and is able to proactively manage and advise on matters directly and indirectly affecting our managed funds and the whole Luxembourg group. The advice is structured in very efficient, pragmatic and accessible deliverables.”

“They are very knowledgeable, very responsive and provide very good quality advice. André Pesch is very well connected with tax administration. They deliver very good value for money.”

“Knowledge of the industry, knowledge of the client.”

“Very responsive, provide insights, diligent.”

“Responsiveness, pragmatism, knowledge/expertise, assertiveness.”

“Very professional and accurate. Very quick and responsive.”

“Innovative solution providers. Have the ability to solve almost any problem. Very commercial and practical. Super responsive.”

“Innovative, cost saving, efficient.”

“They want to help the client. They are not in it to win more fees – if the answer is ‘do nothing’ they will recommend that even if it costs them fees. They are also incredibly commercial with their advice.”

“Professionalism, reactivity, pragmatism, results oriented.”

“TS&P has a deep knowledge of Luxembourg tax and corporate laws, with very high standards. They truly understand us; they anticipate and are responsive to our needs.”

“TS&P has a deep knowledge of Luxembourg tax and corporate laws, with very high standards.  They truly understand us; they anticipate and are responsive to our needs.”

“Responsive, very knowledgeable, best tax firm in Luxembourg.”

“Extremely accurate understanding of Luxembourg tax environment, thinking ahead and out of the box, providing pragmatic and tailor-made solutions, streamlined answers, etc.”

“Technical strength, pragmatic and solution-oriented.”

“Very open-minded and reliable.”

“Knowledge of the tax regime.”

Van Campen Liem

Van Campen Liem is a hybrid tax practice specialising in private investment fund formation, private equity, and M&A. Mandates derive from investment management firms. Fund sponsor remunerations, deal structuring, and divestments are core specialties. Senior practitioners are partners: Raffaele Gargiulo, Marcello Distaso, Andrew de Vries, Eduardo Trancho and counsel Gabriel Amar.

The firm acted for ACI Capital Group in the structuring of a Luxembourg vehicle that established tax efficiency on asset segregation. It also provided counsel to Lexington Partners in the migration of a Dutch alternative investment fund structure to Luxembourg.

Tax associate Oona Jokinen arrived in March 2022, and fellow associate Vadim Pascaru joined in March 2023.