The Luxembourg Government has submitted draft legislation to parliament for the introduction of a new intellectual property regime to replace the regime that was abolished effective 1 June 2016 because it was not in compliance with the modified nexus approach of BEPS Action 5 ({News-2016-01-04/A/5-previous coverage}). Main points of the draft legislation are as follows: The regime will provide for an 80% corporate income tax exemption on qualifying net income derived from the commercialization of qualifying IP assets/rights, and a 100% net wealth tax exemption (similar to prior regime); Qualifying IP assets, which must be created, developed, or improved through...