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The UK Government has now published the draft legislation introducing the bank levy for inclusion in the Finance Bill 2011. The legislation is very similar to previously published drafts. The most significant new development is the setting of the rate. The main...

The content of this Client Briefing may be good news for European investment and pension funds interested in lending to Polish companies. On 1 January 2011, an amendment to the Corporate Income Tax Act will come into force, expanding a tax exemption to include...

On November 2, 2011, the Internal Revenue Service ("IRS") released a set of proposed regulations (the "Regulations") under Section 892 of the Internal Revenue Code ("Section 892"), which exempts certain investment income earned by...

With a last-minute amendment to a piece of legislation currently receiving approval before the Italian Parliament, the Italian Government has introduced a reform in the tax regime of investment funds investing in securities (the new regime does not affect...

The Italian Government just issued a decree law containing a set of extraordinary measures to stabilize public finances and respond to the heavy pressure in such direction by EU partners and the European Central Bank. The Decree Law 138/2011 introduces significant...

The Italian tax authorities have just released additional guidelines clarifying several open points on the application of the new, broader, CFC legislation. The guidelines are very welcome as Italian parent companies of foreign affected subsidiaries are currently...

The Italian government has just introduced new legislation which is intended to regulate the tax regime of indirect bond issuances, including those made by a foreign affiliate of an Italian non-listed company and guaranteed by that Italian company. The new legislation...

The Italian Government is opening a consultation process on proposed amendments to the secondary legislation governing investment funds. The consultation period closes on Friday 23 April 2011.The proposed amendments to the secondary legislation are meant to...

We are pleased to provide you with the latest edition of our Luxembourg Legal Update. The newsletter provides a compact summary and guidance on the new legal issues which may impact your business, particularly in relation to banking, finance, capital markets,...

On 31 December 2010, the Luxembourg tax authorities issued a new circular detailing the tax treatment of allowances granted to highly qualified expatriates seconded to Luxembourg or directly recruited from abroad. Offering significant benefits and decreasing the...