Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 32
FORUM
The respondents to the Survey have already noticed
challenges to their PEs, 44% identifying this area as
a significant driver of controversy now whereas only
27% saw it as an area of concern in the previous three
years. Going forward, intra-group financing is also of
increasing concern from a transfer pricing controversy
perspective for 48% of respondents, again an increase
compared to the 39% of respondents who felt it had
been an area for concern over the previous 3 years.
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
-
N°98
- JULY /
AUG / SEP 2017
Increasing rules around intra-group payments will
most likely have a pronounced impact among financial services companies such as banks and asset and
wealth managers, with 67% of respondents in this group
feeling that intra-group financing arrangements will be
a source of controversy. The view of insurers is however
different, with only 57% being preoccupied with the
scrutiny of their intra-group financing. As insurers
are not typically highly leveraged due to regulatory
constraints, controversy is anticipated more in cases of
intra-group reinsurance or branch capital allocation.
32
In light of the changes brought by the Circular on intragroup financing, Luxembourg MNEs already display
particular interest in the area. The substance and functionality provisions introduced in the context of LIR art
56bis is now the key discussion topic on the table for tax
professionals and Luxembourg tax authorities jointly.
Moreover, going forward, special consideration would
need to be given by Luxembourg MNEs to sales agencies/service PEs as areas expected to be scrutinized,
with the actual attribution of profits being a key anticipated area of focus.
Luxembourg - No time to wait
Across the globe and within the EU, BEPS has already
imposed increased transparency and updated definitions and has introduced deadlines on both MNEs and
governments. Luxembourg is no exception. In light of
the strengthened transfer pricing requirements, the key
BEPS aspects to be addressed by Luxembourg MNEs
include an enhanced level of documentation of transfer
pricing arrangements, a greater focus on PEs and broader justification for intra-group financing, in anticipation of potential controversy in these areas. Luxembourg
MNEs now need to align their transfer pricing to these
new realities.
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017
Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017
COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW with Sue Dean - Manager Director, Head of EMEA Treasury Services, J.P Morgan
FOCUS
How to attract and then retain talented young people to careers as treasurers?
Selecting your bank could be a challenge
Planning corporate reorganisations in credit agreements
FORUM
Repo markets and corporate practice
Cyber attaques en chaîne
Investir dans un contexte de remontée des taux d'intérêt?
Results and analysis of the EY Survey
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - COUVERTURE
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 2
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - SOMMAIRE
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 4
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - EDITORIAL
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - FINANCIAL HIGHLIGHTS Luxembourg Tax News
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 7
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - INTERVIEW with Sue Dean - Manager Director, Head of EMEA Treasury Services, J.P Morgan
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 9
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 10
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 11
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - How to attract and then retain talented young people to careers as treasurers?
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 13
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 14
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 15
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Selecting your bank could be a challenge
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 17
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Planning corporate reorganisations in credit agreements
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 19
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 20
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 21
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 22
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Repo markets and corporate practice
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 24
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 25
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Cyber attaques en chaîne
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 27
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Investir dans un contexte de remontée des taux d'intérêt?
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 29
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Results and analysis of the EY Survey
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 31
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 32
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 33
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 34
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - THE FINANCIAL RISK OBSERVATORY
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 36
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 37
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 38
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - NEWS
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 40
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 41
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 42
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 43
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 44
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 45
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 46
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 47
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 48
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 50
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 51
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 52
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