Patrick de Cambourg

💡 Consistent with our commitment to provide updated information on current tax issues, we set down a brief overview of the main revisions introduced by the new Greek Code of Tax Procedures. ℹ Learn more here: https://lnkd.in/dQnqrwvi #KPMGTax

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SZSE Releases the Handbook for Performance of Duties of Independent Directors and Audit Committees to Promote the Improvement of Listed Companies' Governance On April 11, 2024, SZSE released the "Handbook for Performance of Duties of Independent Directors and Audit Committees" (hereinafter referred to as the "Performance Handbook"). It aims to further enhance regulatory service capabilities and guide independent directors and audit committees of listed companies in standardizing their performance of duties to improve quality and efficiency, thereby promoting the continuous enhancement of corporate governance of listed companies. To deepen the implementation of the requirements of the General Office of the State Council's Opinions on the Reform of the Independent Director System of Listed Companies and the CSRC's Measures for the Administration of Independent Directors of Listed Companies, SZSE has reinforced the application of listing rules and self-regulatory guidelines for the Main Board and the ChiNext Board. We systematically reviewed the performance requirements of independent directors and audit committees since the independent director system reform and compiled these into the "Performance Handbook". This handbook serves as a work guide for relevant entities, assisting them in quickly grasping the key points to better perform their duties. #listed #CSRC #SZSE #audit

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Amendments relating to introduction of compliance requirements in respect to beneficial owners, business continuity for entities registered under the Business Names Registration Act and new schedules of fees for different filings have recently been enacted. This news flash explores the most critical ones and the sanctions introduced for non compliance.

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🚨 ATOZ Alert 🚨 On 12 June 2024, a draft law was presented to Parliament to amend the Luxembourg law of 22 December 2023 on the minimum effective taxation of multinational enterprise groups and large national groups implementing the EU Directive of 15 December 2022 on ensuring a global minimum level of taxation for MNE groups and large-scale domestic groups in the Union (known as the “Pillar Two Directive”). 💡 The draft law 📃 incorporates clarifications, interpretations and additional technical provisions resulting from the three sets of administrative guidance published by the OECD/G20 Inclusive Framework on BEPS in 2023. Read the full Alert written by our Tax Partner, Andreas Medler, by clicking here 📲 https://lnkd.in/e_fbb2UU #PillarTwo #law #news #update #tax #taxation #sharing #insights #multinationalfirms #ATOZ

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📈 On 12 June 2024, the Luxembourg government presented a bill of law to incorporate clarifications and technical provisions resulting from the OECD’s Pillar 2 Administrative Guidance issued in February, July and December 2023 into domestic law.   💻 Read the full Newsflash here > https://lnkd.in/e6Dj49NE   💬 Contact our experts > Alain Goebel, Thierry Lesage, Vincent Mahler (Ph.D.), Stéphanie Maschiella, Jan Neugebauer, Philipp Jost, Yvan Stempnierwsky 🏢 Learn more about our Tax practice > https://arendtl.ink/tax   #Luxembourg #law #tax #LuxembourgTax #EuropeTax #taxation #Pillar2 #Pillar2Luxembourg #OECD

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[NEWS] OECD releases details of Selection Documentation Package for the International Compliance Assurance Programme (ICAP). Discover details of the documentation required by MNE groups interested in applying for a multilateral risk assessment of key international tax risks under the OECD Forum on Tax Administration's ICAP. 📊 Access the Selection Documentation Pack ➡️ https://lnkd.in/e-DgKqBW   ICAP is a voluntary programme that uses Country-by-Country Reports and other readily available information to facilitate open and co-operative multilateral engagements between MNE groups and tax administrations.   📅 The next three deadlines for submission of an application to participate in ICAP are: 𝟑𝟎 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟒 𝟑𝟏 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟓 𝟯𝟬 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟱   MNE groups that wish to discuss possible participation in ICAP should contact the tax administration in the jurisdiction where their ultimate parent entity is resident (or any other participating tax administration) in advance of the next application deadline of 𝟯𝟬 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰. 🔍 See more details about the programme ➡️ https://oe.cd/icap    #OECDICAP #tax #OECD #OECDtax #taxcertainty #taxcompliance #compliance #MNEs #taxadministration #internationaltax #FTA #riskassessment #CbCR

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[MEMBERS ONLY] CFE Tax Advisers Europe is delighted to invite our delegates to participate to the CFE General Assembly, meetings and events that will take place in Ljubljana, Slovenia from 18-21 September 2024. This year's events are kindly hosted and co-organised with DSZS - Davčno svetovalna zbornica Slovenija & UPSS Udruzenje poreskih savetnika Srbije. More details will follow with official communication from CFE's Brussels Office to our Member Organisations. [OPEN TO ALL PARTICIPANTS] As part our General Assembly, the 17th European Conference on Tax Advisers’ Professional Affairs will discuss Global Policy Trends: AI & The Future of Tax Planning / New EU Rules on Anti-Money Laundering. The 17th European Conference on Tax Advisers’ Professional Affairs will address global critical policy trends: the future of tax planning with the advance of AI, as well as the role of professional standards in safeguarding the integrity of the tax profession and the fiscal system in an era of extraordinary computational capabilities of AI. A separate panel will elaborate on the new EU rules on AML/TF, and their impact for tax professionals, accountants, auditors. CFE together with the Tax Advisory Chambers of the Republic of Slovenia and the Republic of Serbia, will bring together experts and professionals at the forefront of these developments to discuss these two important topics in Ljubljana, Slovenia on Thursday 19 September 2024. https://lnkd.in/eTJgETCV

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Accountable Institutions - Be part of the process... 🗓️PCC 121B Extended Comments Deadline: 5th July 2024 Due to the complexities surrounding the guidance on beneficial ownership and Section 21B of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), the Financial Intelligence Centre (FIC) has extended the deadline for Accountable Institutions (AI) to submit their comments from the 24th June to the 5th July 2024. AIs are urged to submit their comments, even if they have already done so by previous deadline dates, as there are consequential implications from a practical and operational cost standpoint. 🔑The General Laws (Anti-Money Laundering and Combating Terrorist Financing) Amendment Act 22 of 2022 amended the FIC Act to clarify the definition of beneficial ownership and broaden the application of Section 21B. 🔑These technical amendments significantly affect accountable institutions by imposing new requirements and responsibilities. 🔑Accountable institutions must now ensure a thorough understanding of the revised definition of beneficial ownership, which could involve more detailed and frequent checks to identify and verify the true owners of entities they engage with. 🔑The broadened scope of Section 21B also means that these institutions will need to implement more robust compliance measures, enhance their due diligence processes and possibly update their internal systems and training programs to meet the heightened regulatory standards. This could lead to increased operational costs and a possible need for specialised expertise to navigate the convoluted amendments to the legislation. Related link: PCC 121A Extension - https://lnkd.in/dfhmx7ZE Draft PCC 121 Beneficial Ownership - https://lnkd.in/eh4_Sg-G Comments submission form - https://lnkd.in/d4Y4q7MH Kashnie Naidoo Charlotte Gamede

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#DAC lays down the rules & procedures for 🇪🇺Member States’ tax authorities cooperation on direct taxation. #HaveYourSay by 30/07 on: 📌scope & purpose are still relevant 📌it provides the desired outcomes & impact 📌it is cost-efficient 👉 https://lnkd.in/e2nbNqsQ

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On 8 February 2024, the Financial Services and the Treasury Bureau (the “FSTB”) published a consultation paper (the “Consultation Paper”) inviting public feedback on its proposed legislative regulation of over-the-counter (“OTC”) trading of virtual assets (“VA”). Read about the proposed reforms summarised by our Partner Rodney Teoh in this legal update: https://lnkd.in/gGrHC6wy #swhk #swcorporatefinance #hongkong #lawfirm #virtualassets

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The European Banking Authority (EBA) has just published the final draft implementing technical standards (ITS) on public disclosures by institutions that implement the changes in the Pillar 3 disclosure framework and #BaselIII disclosures introduced by the amending Regulation (EU) 2024/1623 (CRR 3). Key highlights include: ➡️ Implementation of CRR 3 disclosure requirements covering output floor, credit risk, market risk, CVA risk, operational risk, and a transitional disclosure on crypto-asset exposures. ➡️ Enhanced alignment with the Basel III framework to promote comparability and consistency in information. ➡️ Comprehensive and uniform disclosure formats to facilitate market discipline and risk profile assessment. It’s worth noting that these new ITS represent the first deliverable in the EBA’s Roadmap on strengthening the prudential framework, with additional updates on #ESG risks and shadow banking disclosures coming later this year. Stay tuned! Further, the #EBA has now disclosed the list of templates that will change and those that will remain unchanged in Step 1 of its implementation plan. For details of the template changes that are part of Step 1 and for insights into what to expect next, read our commentary - Preparing for CRR3 supervisory reporting and Pillar 3 disclosure requirements: https://loom.ly/edFMKkA #BaselIII #CRR3 #Banking #RiskManagement #OneSumX #WoltersKluwer #BaselIV

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European Central Bank consults on governance and risk culture:  The European Central Bank has launched a public consultation on its new draft guidance on governance and risk culture which seeks to provide banks with a roadmap to a more effective internal governance and risk culture. This guide will replace the 2016 SSM supervisory statement on governance and risk appetite. Comments are invited from banks and other stakeholders by 16th October 2024.   Read further details here: https://lnkd.in/g9pPPjh7   #governance #culture #compliance 

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Why the SPF? The Luxembourg SPF is a special investment vehicle dedicated to individuals and their relatives (and any intermediate entity) for managing their private financial assets. Learn more: https://loom.ly/y1zoXj0 In their new briefing, our Luxembourg tax experts - including partner Aurelie Clementz, counsel Hadrien Brémon and associate Muriel Jarosz - delve into the tax considerations. #Luxembourg #PrivateWealth #Tax #TaxPlanning #Regulatory

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Following the recent European elections, the insurance sector faces significant challenges. Evolving EU regulations demand swift adaptation to stay compliant and competitive. At the same time, the volatile geopolitical environment requires robust risk management strategies.   Embracing Environmental, Social, and Governance (#ESG) standards is now crucial. Stakeholders prioritize sustainable and ethical practices, which drive long-term value and enhance our industry’s reputation.   Check out the interview featuring Virginie Lagrange (ILA Chair & Independent Director) and Amir Chakroun (Partner at Forvis Mazars in Luxembourg).

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This is a clear and helpful resource from the Commission de Surveillance du Secteur Financier (CSSF) on digital operational resilience. Irrespective of jurisdiction, DORA is a helpful framework for refrence and use. #DecodingAI®️ #CFiAI

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💡 The Grand-Ducal Decree of 18 April 2024 modified the lists of Participating Jurisdictions and Reporting Jurisdictions for the CRS reporting year 2023. ⚖️ The Grand-Ducal Decree removes certain jurisdictions from the list of Participating Jurisdictions, notably where the exchange relationship has not been activated as per the notification procedure outlined in the OECD Multilateral Competent Authority Agreement regarding automatic exchange of information on financial accounts. In addition, certain jurisdictions were added to the list of Reportable Jurisdictions. 👉 Learn more about our observations here: https://lnkd.in/d4cE5ur3 🧐 For any questions, please feel free to be in touch with your usual Grant Thornton contacts, or our specialist team ➡️ Jean-Nicolas Bourtembourg, Partner, Head of Tax and Transfer Pricing or Alain Verbeken, Director, Tax - Financial Services at Grant Thornton Luxembourg. #Tax #Newsletter #Reporting #CRS #Luxembourg #GrantThornton

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AIA has released new guidance on circumstances where there might be a high risk of money laundering, terrorist financing or proliferation financing in the #accountancy sector and released updates to its #AML Sector Risk Assessment ⚠   Members can log in to access the updated guidance: https://lnkd.in/dg-CG-Fa #AIA1928 #RiskAssessment #Compliance #Accountants #AMLGuidance #AntiMoneyLaundering David Potts MICA

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