Le magazine du trésorier - n°67 - 3ème trimestre 2009 - (Page 4)

FINANCIAL HIGHLIGHTS Luxembourg News Introduction of EC Regulation No. 883/2004, major impacts on social security contributions and benefits for internationally mobile employees The new EC regulation No 883/2004 on the coordination of social security systems will replace the current EC Regulation No 1408/71. The new Regulation is expected to become effective on 1 May 2010. The new Regulation will affect the social security contribution position of workers moving within the EU. It will also result in additional administration via the introduction of new processes when applying for official documentation (comparable to the current E101 certificate). Furthermore, it will provide additional opportunities for an employer to reduce ongoing social security liabilities for its international mobile employee population. Under the new Regulation, assignees sent abroad for an initial period of up to 24 months (as compared to 12 months under Regulation No 1408/71) will now be able to remain in the home social security scheme and exempt from host country liabilities. Currently, employee who works in two or several EU Member States is in principle subject to the social security scheme of his country of residence if he is regularly working part of his activity there. Under the new Regulation, the social security scheme of his country of residence will only be applicable if a substantial part of the professional activity is performed in this country (substantial meaning not less than 25% of the time and/or remuneration). More information at: http://europa.eu/rapid/pressReleasesAc tion.do?reference=IP/09/1013&format=HTML&aged=0&language=en& guiLanguage=en The European Commission refers Luxembourg to the European Court of Justice over its incorrect application of the Savings Tax Directive The European Commission has decided to refer Luxembourg to the European Court of Justice over its incorrect application of certain provisions of the Savings Tax Directive as regards interest payments made to beneficial owners who benefit from so-called "non-domiciled resident" status in their country of residence. Indeed, Luxembourg refuses to apply the Directive to beneficial owners who benefit from the socalled "non-domiciled resident" status in their country of residence. Consequently, Luxembourg paying agents do not levy withholding tax on interest payments to such beneficial owners. According to Luxembourg legislation, beneficial owners are considered to benefit from the "non-domiciled" status, if they are generally exempt from income tax in their State of residence for tax purposes or if the interest payments, as long as they are not transferred to the State of residence ("remittance"), are not subject to tax in that State. According to the Commission, Luxembourg cannot provide for an exemption from withholding tax in situations other than those expressly provided by the Directive. New incentive for Research & Development (R&D) activities and Innovations voted A new law was adopted on 5 June, 2009 that foresees aid schemes for R&D activities and innovations undertaken by both corporations and research organizations. According to the draft law, aid would be granted under the following scheme: 1.Aid to R&D projects and programs 2. Aid to feasibility research, to the protection of industrial property, 3. Aid to innovative start-ups, innovative projects, innovation poles The demand of any aid should be submitted before the start of the relating investments. The aids may take the form of capital subsidies or interest allowances and will be paid out to the beneficiary at the end of the project or program. However, advance payments can be paid out all along the implementation and development of the project or program. For the entire text of the law see Memorial A n° 150 of June 29, 2009: http://www.legilux.public.lu/ For a detailed brochure on this subject: http://www.ey.com/Publication/vwLUAs sets/eye-luxembourg-tax-researchdevelopment-activities-innovations0709/$FILE/eye_tax-research-development-innovation-240709.pdf http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1013&format=HTML&aged=0&language=en&guiLanguage=en http://www.legilux.public.lu/ http://www.ey.com/Publication/vwLUAssets/eye-luxembourg-tax-researchdevelopment-activities-innovations-0709/$FILE/eye_tax-research-development-innovation-240709.pdf

Table des matières de la publication Le magazine du trésorier - n°67 - 3ème trimestre 2009

Couverture
Sommaire
EDITORIAL
- Treasury Got Talent
FINANCIAL HIGHLIGHTS
- Luxembourg News
INTERVIEW
- Mrs. Barbara Ridpath, Chief Executive of the International Centre for Financial Regulation (ICFR)
FOCUS
- The Necessary Evolution of German Conglomerates As a Result of the Crisis
- Plan Contingent pour le Département de Trésorerie
FORUM OF ADVERTISERS
- Using Technology to Achieve Financial Risk Visibility
- How CFOs can strengthen their roles as business partners in times of crisis
- Comment renforcer son modèle économique pour préparer la reprise ?
- Vers une reprise durable ?
- 15 minutes with… Mr. Stéphan Caro - Misys
TREASURERS’ ASSOCIATIONS
- SEPA risks failure unless corrections are made, say end users
- Partenariat conclu entre l’ATEL et CFO World
- Reforming OTC Derivatives, a new challenge for Corporate Treasurers
- How Borrowing Conditions are Affecting European Business
NEWS

Le magazine du trésorier - n°67 - 3ème trimestre 2009