Raphael Charlier, Partner and PSF Leader at Deloitte Luxembourg; Credit: Deloitte Luxembourg

On Tuesday 13 February 2024, Deloitte Luxembourg announced the release of its new brochure looking at the professionals of the financial sector (PSF) ecosystem.

According to Deloitte, this comprehensive report casts light on the current, highly specific and ever-evolving PSF environment. The report, "At the heart of regulatory and tax environments", unravels the continuous maturation within the Grand Duchy's regulatory and tax landscape and acts as a resource to help decision-makers navigate the architecture of the PSF ecosystem.

"In the dynamic financial landscape of Luxembourg, PSFs continue to innovate and thrive. As they leverage the latest trends and maneuver legislative adjustments, they seize new opportunities and foster efficiency and synergies," said Raphael Charlier, Partner and PSF Leader at Deloitte Luxembourg. "Our brochure clarifies the intricate process of acquiring PSF status licences and simplifies complex aspects of tax and regulatory frameworks. Through this publication, we aim to fuel success and resilience. At Deloitte, our dedicated and experienced team guides and assists all forms of PSFs, walking side by side with them on every step of their transformative journey."

Divided into three different sections, the 2023 report provides readers with a practical guide that summarises trends, advantages and conditions of obtaining PSF status licences. The first chapter covers the authorisation and licensing procedure, but also the supervision resources of the Commission de Surveillance du Secteur Financier (CSSF), i.e. the supervisory authority, and the role played by "réviseurs d’entreprises agréés" who contribute to that supervision.

In chapter two, the report outlines the tax environment for PSF from a direct corporate tax and VAT perspective and further features some hot tax topics applicable to PSF. The third and last section presents a profile analysis, together with individual fast-reference sheets for each PSF type, to list the most significant characteristics. Lastly, the appendices include a summary of applicable regulations and circulars, organisations representing PSF and Deloitte's range of services for this client base.

Deloitte noted that the 2023 report confirms a positive outlook for the sector, with a variety of opportunities to explore but also challenges to overcome.

The full brochure is available online at https://www2.deloitte.com/lu/en/pages/psf/articles/heart-regulatory-tax-environments.html.