4th Italian business community conference in Luxembourg - 22/11/2011DOWNLOAD
More than 110 people gathered at the Deloitte Luxembourg offices for the fourth annual conference on business and tax developments affecting the Italian financial community in Luxembourg. The main subjects of the conference this year were the recent evolutions in fiscal legislation in Italy, operational tax and transfer pricing developments for Luxembourg companies and the opportunities for Luxembourg arising in the field of Art & Finance.
The Alumni Association of Bocconi University was also represented by its Chairman, Guido Bichisao, on this occasion.
Marco Crosetto, audit partner coordinating the Deloitte Italian desk in Luxembourg, welcomed the participants introducing the conference topics that were developed in detail by Deloitte experts.
Mauro Lagnese, tax partner - Studio Tributario e Societario - Deloitte Italy, illustrated the main changes approved by the Italian Parliament in 2011 impacting Luxembourg investment funds distributed in Italy: the taxation applicable to Italian investment funds and to Luxembourg historical funds as well as modifications related to the taxation of financial instruments and anti-abuse rules (CFC).
Jacques Linon, tax partner, and Stéphanie Maschiella, tax manager at Deloitte Luxembourg, commented on the impact of some of the Italian tax changes (CFC) on the players of the Luxembourg market one year after their implementation. They further proposed an overview of latest fiscal developments in Luxembourg in relation to international tax matters, such as transfer pricing and minimum tax on Soparfi, together with an update on main operational taxation topics like FACTCA, EUSD, tax reclaim and financial transaction tax.
Adriano Picinati di Torcello, Directeur at Deloitte Luxembourg coordinating the activities around Art & Finance, presented the opportunities offered by the creation of a free port and free zone in Luxemburg to trade and manage art and valuable goods as investing asset class.
He highlighted how Luxembourg could represent an ideal alternative storage location to New York City, London, Zurich and Geneva for risk management and how to overcome limits set up by insurance companies.
“It is important to note how, in the current environment of new regulatory and tax challenges some of them being a consequence of the financial crisis, Luxembourg is continuing to offer new opportunities to diversify and grow the financial sector. The Italian companies will need to take into account the new Italian and Luxembourg regulatory parameters regarding their Luxembourg activities and product offerings.
The dynamism of these players and the diversification of the solutions nevertheless allow Luxembourg to consider a positive outlook for these challenges”, explains Marco Crosetto.