Agefi Luxembourg - mai 2026

AGEFI Luxembourg 18 Mai 2026 Économie & Banques L uxembourg continues to stand out as a leading financial center and a premier European hub for regulated entities, supported by a flourishing financial ecosystem. In 2025 alone, Luxembourg financial su­ pervisory authorities authorized more than 50 entities across banking, asset management, payment institutions, insu­ rance, and digital finance. (1) At the same time, a rapidly evolv­ ingregulatorylandscapeandcom­ plex compliance requirements are reshapingindustrydynamics.Op­ erating models are shifting, and regulatory, tax and transfer pricing aspects are becoming increasingly interconnected. The adoption of Law8186Aon 11December 2024 is a notable development in this context. It introduced enhanced mechanisms for interadministrative co­ operation and information exchange between the Luxembourg taxauthorities (LTA), theCommission de Surveillance du Secteur Financier (CSSF) and the Commissariat aux Assurances (CAA). This frame­ work strengthens the ability of these bodies to share and review information effectively. Transfer pricing and regulatory compliance: Growing areas of overlap Transferpricingconsiderations arisewhenparties to a transaction are deemed to be related. (2) In these cases,theconditionsandremunerationofintragroup transactions should reflect those that would have been set between unrelated parties in comparable circumstances.Thisalignswiththearm’slengthprin­ ciple set out in Article 56 and 56bis of the Luxem­ bourg Income Tax Law. AcrossEurope,scrutinyofrelatedpartytransactions and intragroup arrangements has intensified. In Luxembourg, this trend is evident through an in­ creased focus on the financial services sector, with authorities using targeted information requests and taxauditstoassessregulatedentities’transferpricing positions. This has driven firms to adopt a more in­ tegratedapproach togovernance, riskmanagement, and alignment between their operational and trans­ ferpricingmodels.Historically,regulatedentitiespri­ marily faced tax scrutiny from tax authorities. However, financial regulators have recently incor­ poratedtaxconsiderationsintotheirsupervisorydu­ ties, viewing taxcomplianceas an indicator of sound management and governance. Key developments highlight this shift: Circular 20/744, on the fight against money laun­ dering and terrorist financing, identifies transfer pricing noncompliance as a potential indicator of aggravated tax fraud for investment fund man­ agers; Circular 22/806 on outsourcing arrangements re­ quires these services to be set at arm’s length; and The 2022 CSSF Feedback Report emphasizes the importance of evaluating whether all fees are charged at arm’s length. Earlier this year, theCSSF issuedCircular 26/906 on central administration, internal governance and risk management for payment institutions and elec­ tronicmoney institutions. This guidance reinforces the overlap between regulatory oversight and tax and transfer pricing frameworks: Transactions with related parties must be objec­ tive, in the best interest of the institution, and be conducted at market conditions; Transactionswith related partiesmust be submit­ ted to the supervisory body for approval if they could have a significant and unfavorable influence on the institution’s risk profile; and Any material changes to significant relatedparty transactions must be reported to the supervisory body without delay. This evolvingguidance demonstrates an increasing convergence between governance requirements and transfer pricing considerations, reinforcing the need for transparency, compliance, and robust oversight inmanaging intragroup arrangements. While information exchange has already occurred in some cases, Law 8186A reinforces collaboration between the LTA, theCSSF and theCAA, and is ex­ pected to heighten their scrutiny of the financial services sector. What taxpayers can expect In Luxembourg, taxpayers must demonstrate the arm’s length nature of their relatedparty transactions with transfer pricing documentation when filing a tax return, a require­ ment established under Article 171Abgabenordnung. While Luxembourg does not require the upfront submis­ sion of documentation, tax­ payers must be prepared to provide it uponrequest. The LTA typically requires this information within a relatively short timeframe, often two to four weeks. For domestic and crossborder intragroup transactions, these requests oftenextend beyond standard documentation. Taxpayers are also expected to submit legal agreements, board minutes, and supporting information to reconcile transfer pricing methodologies with figures re­ ported in tax returns. Regulators are also increasingly requesting trans­ fer pricing documentation during onsite inspec­ tions to assess formal compliance with tax obligations. The number of these requests is rising, including fromother European regulators, driven by the growing complexity of operating models like delegation structures, topup licenses and business restructurings. Under Law 8186A, information submitted to the LTAmay now also be shared with the CSSF or the CAA to support their respective supervisory func­ tions and ensure consistency with regulatory filing positions. Conversely, these regulatory bodies may alsoshareinformationwiththeLTAtoassessthesuf­ ficiency of transfer pricing models, documentation andcompliancewith thearm’s lengthprinciple. This data sharingmust be relevant andnecessary to each authority’smandate. The enhancedcollaborationplaces greater responsi­ bility on taxpayers. Informationprepared for differ­ ent purposes—whether tax or regulatory—must be consistentlyaligned,uptodate,andreadilyavailable for submission to the relevant authorities. How taxpayers can prepare Tax authorities are increasinglymovingbeyond for­ mal compliance checks to place more emphasis on the substantive aspects. In particular, they are scru­ tinizingtheappropriatenessoftransferpricingmeth­ ods, benchmarkingapproaches and the reliabilityof selectedcomparables.Whilemost regulatedplayers have documentation in place, it is not always fully up todateor alignedwithcurrent operatingmodels. Although Luxembourg does not impose a specific format or update frequency regarding transfer pric­ ing documentation, annual updates are highly ad­ visable—particularly for regulated entities—to ensure consistencywith regulatory disclosures. To comply with both tax requirements and regula­ tory expectations, regulated entities are expected to be more proactive and diligent in preparing and maintaining their transfer pricing documentation. Key actions include: Preparing and updating transfer pricing policies anddocumentationregularly to reflect current func­ tions, roles and responsibilities, and to demonstrate the arm’s length pricing of intragroup transactions, both domestic and crossborder; Supporting all intragroup transactions with upto­ date legal agreements that are consistentwith trans­ fer pricing documentation; Reflecting operatingmodel changes in the transfer pricing framework, policies and documentation, such as outsourcing arrangements or relocation of functions, risks and assets; Demonstrating that all intragroup transactions ad­ here to the arm’s length principle; Integrating tax and transfer pricing considerations into the corporate governance framework; and Maintaining comprehensive supportingmaterials, includingboardmeetingminutesandtaxreturnrec­ onciliations,tosubstantiatetransferpricingpractices. Thesestepssupportcomplianceandstrengthengov­ ernance, transparency, and riskmanagement across the organization. Conclusion TheadoptionofLaw8186Aconfirmsthatregulatory, tax, and transfer pricing aspects are becoming in­ creasingly interconnected and complex. Taxpayers should address these obligations holistically and es­ tablish a robust governance framework. Ensuring that documentation is kept up to date and readily available is essential tohelpavoidregulatoryand tax consequences. EnriqueMARCHESIHERCE, Partner, Deloitte Luxembourg Ines TEIXEIRA, SeniorManager, Deloitte Luxembourg 1) Luxembourg for Finance, Luxembourg Financial Centre Records Strong Growth Across Sectors in 2025, 26March 2026. 2) Article 56 Luxembourg Income Tax Law: two enterprises are con­ sideredrelatedenterpriseswhereoneofthemparticipatesdirectlyorin­ directlyinthemanagement,control,orcapitaloftheotherorifthesame persons participate directly or indirectly in the management, control, or capital of both enterprises. Bridging tax and regulation: How Luxembourg is reshaping oversight of financial institutions D u 4 au 7mai 2026, LexDelles a effec­ tué unemission économique offi­ cielle auMaroc. Organisée par la Chambre de commerce duLuxembourg, en collaboration avec plusieurs partenaires ins­ titutionnels luxembourgeois etmarocains, cettemission avait pour objectif de renforcer la coopérationbilatérale et de développer de nouvelles opportunités d’affaires dans des secteurs stratégiques. La délégation conduite par leministre réunissait 40 participants, dont 22 entreprises luxembourgeoises et 5 institutions. Dans un contexte de forte dynamique économique auMaroc, marqué par l’accélérationdes investisse­ ments publics et privés, cette mission s’inscrivait dans une volonté commune de consolider les rela­ tions économiques entre les deux pays. LeMaroc poursuit notamment des investissements majeurs dans les infrastructures, les télécommuni­ cations, l’industrie et les technologies depointe, tout en affirmant son rôle d’acteur majeur des énergies renouvelables en Afrique, notamment dans le solaire, l’éolien et l’hydrogène vert. Lamissiona ainsi permis de renforcer les liens entre acteurs économiques luxembourgeois etmarocains dans plusieurs domaines clés, dont les énergies renouvelables, l’ingénierie, la cybersécurité, les technologies industrielles, la logistique, le spatial et la finance verte. Au cours de la visite, LexDelles s’est entretenuavec RyadMezzour afin d’échanger sur les perspectives de coopération économique entre le Luxembourg et leMaroc, notamment dans les secteurs des éner­ gies renouvelables, de la logistique et du spatial. Une rencontre avec Nadia Fettah Alaoui a égale­ ment permis de confirmer la volonté des deuxpays de renforcer les partenariats dans la finance dura­ ble, les investissements et les secteurs innovants. La délégation a également visité Université MohammedVI Polytechnique, reconnue pour son modèle axé sur la recherche, l’innovation et les synergies entre le monde académique et l’indus­ trie. Cette visite a notamment permis de mettre en avant l’accordd’échange signé en février 2026 avec Université du Luxembourg afin de renforcer la mobilité académique et les collaborations scienti­ fiques entre les deux pays. Les participants ont aussi rencontré les représen­ tants du Groupement des Industries Marocaines Aéronautiques et Spatiales, qui fédère environ 150 entreprises du secteur aéronautique et spatial marocain. Les échanges ont porté sur les possibi­ lités de coopération avec le Luxembourg dans le domaine spatial. Enfin, lamissioncomprenait unevisiteàCasablanca Finance City Authority, déjà partenaire de Luxem­ bourgforFinance,afind’explorerdenouvellespistes de collaboration dans la finance et l’investissement. Foruméconomique et networking Plusieurs rencontres avec le secteur privé maro­ cain ont eu lieu, notamment avec ChakibAlj ainsi qu’avec lesmembres de la Chambre de Commerce belgoluxembourgeoise au Maroc. Un Forum économique Maroc–Luxembourg a également réuni représentants institutionnels et entreprises autour de présentations et d’échanges sectoriels. Un business breakfast a par ailleurs été organisé avec 12 entreprises marocaines innovantes actives dans la fintech, lahealthtech, l’intelligence artificielle, l’énergie, le climat ouencore le spatial. Sélectionnées par leLuxembourgTrade and InvestmentOfficede Casablanca, elles participeront au salon NEXUS 2026 prévu en juin 2026 au Luxembourg. Àl’issue de lamission, Lex Delles a souligné le rôle stratégique duMaroc comme hub vers l’Afrique et celui du Luxembourg comme porte d’entrée vers l’Europe, tout en saluant les perspectives de coopé­ ration dans les infrastructures, les énergies renou­ velables, l’innovation et la finance durable. Source : ministère de lʹÉconomie Le Luxembourg renforce ses liens économiques avec le Maroc ©MECO