Trésorier magazine - n°79 - 3ème trimestre 2012 - (Page 6)

FINANCIAL HIGHLIGHTS LuxNews TAX NEWS Draft law on combating late payments in commercial transactions In May 2012, a draft law was submitted to the Luxembourg Parliament to combat late payments in commercial transactions. It transposed Directive 2011/7/UE of the European Parliament and the Council of 16 February 2011 regarding the fight against late payment in commercial transactions and amended the law of 18 April 2004 regarding payment periods and default interest. The aim of Directive 2011/7/UE is to ensure the proper functioning of the internal market by tackling late payments and, in doing so, improving business competitiveness. In order to create a culture of prompt payment, Directive 2011/7/UE provides new measures for commercial transactions between companies (i.e., 60 days) or between businesses and public authorities (i.e., 30 days). However, parties could explicitly agree on deferral payments. The draft law also provides provisions when interest for late payment become due and the right to payment of a lump sum to cover internal recovery costs (i.e., 40 EUR). In the event of a late payment it is hoped that creditors will be able to enforce their rights against other companies and authorities thus generating cash for Luxembourg companies. Law voted on cross-border recovery of tax claims in the EU In July 2012, the Luxembourg Parliament voted the Law transposing the European Directive 2010/24/EU on mutual assistance for the recovery of claims relating to taxes, duties and other measures between EU Member States to national law.The new Law is applicable retroactively from 1 January 2012, with the exception of a provision on the approval of the double taxation treaties and provisions applicable to the procedure of information exchange upon request, which enter into force on the day of publication in Luxembourg’s Legal Gazette. Luxembourg Council supports incorporating EU Directive on administrative cooperation in the field of taxation In July 2012, the Luxembourg Council agreed to incorporating the draft law Directive 2011/16/EU the Council of 15 February 2011 regarding administrative cooperation in the field of taxation and repealing Directive 77/799/EEC. The current Directive 77/799/EEC was deemed no longer appropriate in the fight against fraud and tax evasion in the context of increasing globalization. The new directive builds on the accomplishments of Directive 77/799/EEC but provides necessary, clearer and more precise rules over governing administrative cooperation between Member States. The key elements concern, inter alia: Substantial extension of administrative cooperation Exchange of information on request will include information on banking Introducing rules on communication between the central liaison offices Laying down time limits for the provision of information Introduction of other forms of administrative cooperation Utilization of standardized forms, formats and channels of communication G G G G G G The application of administrative cooperation is not limited to direct taxes, but extends to all types of taxes, with the exception of value added tax, customs duties, rights of excise duties and social security contributions for which administrative cooperation is ensured by other legislation of the European Union. Investment funds: reclaim opportunity French In June 2012, following the decision of the European Court of Justice on the FIM Santander case (C-338/10 released in May 2012*), the French Court of Montreuil held a meeting with the French tax authorities and tax advisors to provide an update on French reclaim opportunities. A key point taken from the meeting was that the tax authorities did not 6

Table des matières de la publication Trésorier magazine - n°79 - 3ème trimestre 2012

SOMMAIRE
EDITORIAL - Has the financial world gone mad?
FINANCIAL HIGHLIGHTS
INTERVIEW - Tanguy du Monceau, co-fondateur CO2logic
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
TREASURER'S ASSOCIATIONS
NEWS

Trésorier magazine - n°79 - 3ème trimestre 2012