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John Parkhouse, CEO Of PwC Luxembourg: Financial Services With A Human-Centric Approach
By focusing on the excellence of its people, PwC Luxembourg has become the leading professional financial services firm in Luxembourg.
PwC Luxembourg is the largest professional services firm in Luxembourg with 2,800 employees from 77 different countries. It provides audit, tax, and advisory services including management consulting, transaction, financing, and regulatory advice through an industry-focused approach and serves all aspects of the fund industry from mutual funds to alternatives as well as international banks and their wealth management units. With its incredible growth, expanding from 80 people in the 1990s to almost 3,000 today, the firm embodies Luxembourg’s success as a founding member of the EU. Despite its size, it has risen to become a world reputable financial center, the nation with the highest GDP per capita, and a hub for many multinational investors into Europe.
PwC is the seventh largest private employer in Luxembourg. This speaks volumes about its strong depth and penetration across the local marketplace, but the scale also comes from the global footprint and clients served. As a financial services dominated business, PwC serves virtually every major client of the network globally in Luxembourg. Not only does this reflect Luxembourg as a center of global finance but it also allows every major player to have a footprint in the country. Parkhouse says, “This gives us a unique world view because international players don’t set up to serve Luxembourg but to serve the more expanded markets of Europe and/or the world. There is a strong international dimension to how we do things, which plays very well in terms of serving global clients.”
In order to adapt to an ever-changing world economy, PwC places a strong focus on driving innovation, which has aided the company to collaborate with clients and develop solutions for local and global markets. For the last seven years, PwC Luxembourg has been participating in PwC’s Global Innovation Challenge where teams from all over the world present their innovations, and Luxembourg is the only firm to win twice, proving that innovative ideas are a priority in the firm. In collaboration with the Luxembourgish government, PwC has developed the innovative Digital Skills Bridge, a program that helps to upskill people in digital technologies as companies and countries undergo digital transformation. These innovations and the smooth modernization of employee skill sets benefit everyone: companies, citizens, and the country.
Luxembourg and companies like PwC have all the necessary tools to make a substantial impact on the international market as a natural gateway to Europe and the Middle East. The resilience of the local financial sector is supported by Luxembourg’s strong regulatory framework that is ready to listen, to work with businesses, and ensure they are well-managed and supported for success.
Parkhouse says that, “While there are other known financial centers in Europe (London, Frankfurt, Paris, Dublin, etc.), Luxembourg differentiates through its business friendliness and pragmatic, yet robust, regulatory and tax environment. A key advantage is also the diversity of Luxembourg in terms of nationalities, cultures, and languages spoken, which is absolutely unique for any financial center. One hundred and seventy different nationalities have been recorded across the country, and 48% of the total resident population is made up of foreigners. This means that natives from all key European countries, but also the US, UK, China, and the Middle East are living and working from Luxembourg. Therefore, any foreign investor can really feel at home in Luxembourg and be sure that their specific needs will be catered for and their cultural context will be fully understood.”
Today, PwC is focused on its talent and digitalization to ensure its continued growth. “We are in the process of an unprecedented global recruitment campaign,” says Parkhouse. “Luxembourg’s professional attractiveness appeals to the young people we will need.” While digitalization is a priority at PwC, he adds that the digital-human balance is key. “PwC is, above all, a firm with its people at heart, one that is human-led and tech-powered, helping us to best serve our clients.”
PwC Luxembourg is the largest professional services firm in Luxembourg with 2,800 employees from 77 different countries. It provides audit, tax, and advisory services including management consulting, transaction, financing, and regulatory advice through an industry-focused approach and serves all aspects of the fund industry from mutual funds to alternatives as well as international banks and their wealth management units. With its incredible growth, expanding from 80 people in the 1990s to almost 3,000 today, the firm embodies Luxembourg’s success as a founding member of the EU. Despite its size, it has risen to become a world reputable financial center, the nation with the highest GDP per capita, and a hub for many multinational investors into Europe.
PwC is the seventh largest private employer in Luxembourg. This speaks volumes about its strong depth and penetration across the local marketplace, but the scale also comes from the global footprint and clients served. As a financial services dominated business, PwC serves virtually every major client of the network globally in Luxembourg. Not only does this reflect Luxembourg as a center of global finance but it also allows every major player to have a footprint in the country. Parkhouse says, “This gives us a unique world view because international players don’t set up to serve Luxembourg but to serve the more expanded markets of Europe and/or the world. There is a strong international dimension to how we do things, which plays very well in terms of serving global clients.”
In order to adapt to an ever-changing world economy, PwC places a strong focus on driving innovation, which has aided the company to collaborate with clients and develop solutions for local and global markets. For the last seven years, PwC Luxembourg has been participating in PwC’s Global Innovation Challenge where teams from all over the world present their innovations, and Luxembourg is the only firm to win twice, proving that innovative ideas are a priority in the firm. In collaboration with the Luxembourgish government, PwC has developed the innovative Digital Skills Bridge, a program that helps to upskill people in digital technologies as companies and countries undergo digital transformation. These innovations and the smooth modernization of employee skill sets benefit everyone: companies, citizens, and the country.
Luxembourg and companies like PwC have all the necessary tools to make a substantial impact on the international market as a natural gateway to Europe and the Middle East. The resilience of the local financial sector is supported by Luxembourg’s strong regulatory framework that is ready to listen, to work with businesses, and ensure they are well-managed and supported for success.
Parkhouse says that, “While there are other known financial centers in Europe (London, Frankfurt, Paris, Dublin, etc.), Luxembourg differentiates through its business friendliness and pragmatic, yet robust, regulatory and tax environment. A key advantage is also the diversity of Luxembourg in terms of nationalities, cultures, and languages spoken, which is absolutely unique for any financial center. One hundred and seventy different nationalities have been recorded across the country, and 48% of the total resident population is made up of foreigners. This means that natives from all key European countries, but also the US, UK, China, and the Middle East are living and working from Luxembourg. Therefore, any foreign investor can really feel at home in Luxembourg and be sure that their specific needs will be catered for and their cultural context will be fully understood.”
Today, PwC is focused on its talent and digitalization to ensure its continued growth. “We are in the process of an unprecedented global recruitment campaign,” says Parkhouse. “Luxembourg’s professional attractiveness appeals to the young people we will need.” While digitalization is a priority at PwC, he adds that the digital-human balance is key. “PwC is, above all, a firm with its people at heart, one that is human-led and tech-powered, helping us to best serve our clients.”
Double confirmation de la notation AAA pour le Luxembourg
Les agences de notation S&P Global et DBRS Morningstar ont confirmé vendredi la notation de crédit triple A du Luxembourg avec perspective stable. C’est la meilleure notation possible.
La notation de crédit AAA avec perspective stable à l’égard du Luxembourg a été confirmée vendredi par les agences S&P Global et DBRS Morningstar. C’est la meilleure notation possible.
Les deux agences constatent que «le pays a témoigné d’une plus grande résilience que d’autres pays face au choc provoqué par la pandémie de Covid-19. Le gouvernement a soutenu l’économie du pays de manière efficace tout au long de la crise sanitaire, et ce sans remettre en cause la viabilité des finances publiques. Ceci a été rendu possible grâce à la politique prévoyante du gouvernement et à la marge de manœuvre budgétaire dégagée au cours des années précédentes», se réjouit-on dans le communiqué de presse envoyé par le ministère des Finances samedi matin.
La notation du Luxembourg repose enfin sur le constat que le pays est bien placé pour faire face à d’éventuels risques liés à l’environnement externe, dont notamment l’impact possible des changements au niveau de la fiscalité internationale des entreprises. «De manière plus générale, le maintien d’un niveau de dette publique relativement faible représente un coussin de sécurité permettant d’atténuer la matérialisation d’éventuels imprévus», souligne le même communiqué.
Cet excellent bulletin conforte le gouvernement dans sa volonté de poursuivre la même politique économique. Ce que confirme la ministre des Finances, Yuriko Backes (DP): «La double confirmation de notre notation AAA souligne le bien-fondé de la politique économique et budgétaire du gouvernement avant et pendant la crise sanitaire. Le Luxembourg continue à rester attractif pour les entreprises et les investisseurs malgré un contexte international incertain. Aussi, le gouvernement se voit conforté dans la poursuite de sa politique économique axée sur une croissance durable pour le pays et ses citoyens.»
La notation de crédit AAA avec perspective stable à l’égard du Luxembourg a été confirmée vendredi par les agences S&P Global et DBRS Morningstar. C’est la meilleure notation possible.
Les deux agences constatent que «le pays a témoigné d’une plus grande résilience que d’autres pays face au choc provoqué par la pandémie de Covid-19. Le gouvernement a soutenu l’économie du pays de manière efficace tout au long de la crise sanitaire, et ce sans remettre en cause la viabilité des finances publiques. Ceci a été rendu possible grâce à la politique prévoyante du gouvernement et à la marge de manœuvre budgétaire dégagée au cours des années précédentes», se réjouit-on dans le communiqué de presse envoyé par le ministère des Finances samedi matin.
La notation du Luxembourg repose enfin sur le constat que le pays est bien placé pour faire face à d’éventuels risques liés à l’environnement externe, dont notamment l’impact possible des changements au niveau de la fiscalité internationale des entreprises. «De manière plus générale, le maintien d’un niveau de dette publique relativement faible représente un coussin de sécurité permettant d’atténuer la matérialisation d’éventuels imprévus», souligne le même communiqué.
Cet excellent bulletin conforte le gouvernement dans sa volonté de poursuivre la même politique économique. Ce que confirme la ministre des Finances, Yuriko Backes (DP): «La double confirmation de notre notation AAA souligne le bien-fondé de la politique économique et budgétaire du gouvernement avant et pendant la crise sanitaire. Le Luxembourg continue à rester attractif pour les entreprises et les investisseurs malgré un contexte international incertain. Aussi, le gouvernement se voit conforté dans la poursuite de sa politique économique axée sur une croissance durable pour le pays et ses citoyens.»
New horizons for residential real estate
The pandemic has shaped the way we live and work, which has had an impact on the residential real estate market. But to what degree? And what does that mean for investors?
Expats first arriving to Luxembourg historically tended to locate to the capital city or surrounding locations--renting first and then, at least for those planning to stay over a longer term, trying to buy, with a preference to be as central as possible.
That’s according to Julien Licheron, research fellow in urban development and mobility at the Luxembourg Institute of Socio-Economic Research (Liser), who also served as the national coordinator of the Housing Observatory from 2009 to 2018.
“But it’s clear now that prices are that expensive that they also see changes, they also now try to locate in less central areas to have a house instead of a flat and to have more space,” he explains.
Of course, it’s impossible to speak about Luxembourg’s real estate market without discussing the staggering costs where, as he puts it, “you have to envisage that you need at least €1m to buy something”. But has the health pandemic impacted regional trends at all? And if so, how? The rest of your article on the Delano website.
Expats first arriving to Luxembourg historically tended to locate to the capital city or surrounding locations--renting first and then, at least for those planning to stay over a longer term, trying to buy, with a preference to be as central as possible.
That’s according to Julien Licheron, research fellow in urban development and mobility at the Luxembourg Institute of Socio-Economic Research (Liser), who also served as the national coordinator of the Housing Observatory from 2009 to 2018.
“But it’s clear now that prices are that expensive that they also see changes, they also now try to locate in less central areas to have a house instead of a flat and to have more space,” he explains.
Of course, it’s impossible to speak about Luxembourg’s real estate market without discussing the staggering costs where, as he puts it, “you have to envisage that you need at least €1m to buy something”. But has the health pandemic impacted regional trends at all? And if so, how? The rest of your article on the Delano website.
A Valued Partnership for AIX Investment Group
Partnership with Rashid Khalaf Al Habtoor, a prominent business pioneer of the United Arab Emirates and CEO of the esteemed Al Habtoor Trading Enterprises.
UAE Announces 9% corporate tax
The UAE has announced a new 9 percent corporation tax will be levied on businesses from June 1 2023.
Businesses will become subject to the tax from the beginning of their first financial year that starts on or after June 2023.
A 9 percent rate will kick in on profits above 375,000 dirhams ($102,096).
“As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally,” said Younis Haji Al Khoori, undersecretary of the Ministry of Finance.
He added “The certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment.”
The UAE is following other Gulf Cooperation Council countries in adopting corporate tax regimes, with five out of six GCC countries now opereating the levy.
Following the UAE, Qatar has the second lowest corporate tax of 10 percent, followed by Oman and Kuwait with 15 percent. Saudi Arabia possesses the highest corporate tax rate of 20 percent.
On a broader scale across the Middle Eastern region, Egypt has a standard corporate income tax of 22.5 percent, with companies engaged in the exploration and production of oil and gas taxed at a rate of 40.55 percent. Lebanon imposes a 17 percent and Libya 24 percent.
The relatively low-rate of the levy in the UAE means its reputation as a low tax country will not be threatened, and Khatija Haque, chief economist at Emirates NBD said: "The UAE continues to make progress in diversifying its budget revenue away from oil, and a corporate tax fits into this strategy. The tax rate remains low by global standards."
In 2018, the UAE introduced value added tax on most goods and services at a standard rate of 5 percent. The UAE imposes a 20 percent tax on branches of foreign banks operating in the country, and on companies with concession agreements in the oil and gas sector of up to 55 percent at the emirate level.
Businesses in the UAE are exempted from paying taxes on capital gains and dividends received from shareholdings, the ministry said.
The new programme left intact the exemption for individuals from income tax, capital gains tax on real estate and other investments, and other earnings that do not come from a business.
Businesses will become subject to the tax from the beginning of their first financial year that starts on or after June 2023.
A 9 percent rate will kick in on profits above 375,000 dirhams ($102,096).
“As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally,” said Younis Haji Al Khoori, undersecretary of the Ministry of Finance.
He added “The certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment.”
The UAE is following other Gulf Cooperation Council countries in adopting corporate tax regimes, with five out of six GCC countries now opereating the levy.
Following the UAE, Qatar has the second lowest corporate tax of 10 percent, followed by Oman and Kuwait with 15 percent. Saudi Arabia possesses the highest corporate tax rate of 20 percent.
On a broader scale across the Middle Eastern region, Egypt has a standard corporate income tax of 22.5 percent, with companies engaged in the exploration and production of oil and gas taxed at a rate of 40.55 percent. Lebanon imposes a 17 percent and Libya 24 percent.
The relatively low-rate of the levy in the UAE means its reputation as a low tax country will not be threatened, and Khatija Haque, chief economist at Emirates NBD said: "The UAE continues to make progress in diversifying its budget revenue away from oil, and a corporate tax fits into this strategy. The tax rate remains low by global standards."
In 2018, the UAE introduced value added tax on most goods and services at a standard rate of 5 percent. The UAE imposes a 20 percent tax on branches of foreign banks operating in the country, and on companies with concession agreements in the oil and gas sector of up to 55 percent at the emirate level.
Businesses in the UAE are exempted from paying taxes on capital gains and dividends received from shareholdings, the ministry said.
The new programme left intact the exemption for individuals from income tax, capital gains tax on real estate and other investments, and other earnings that do not come from a business.
UAE: How Dubai became world's best tourist destination amid Covid
The ranking will also bolster its drive to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make the Emirate the most visited destination and the best city to live and work in.
Dubai was voted #1 on the global list of Tripadvisor Travellers’ Choice Awards for Best Global Destination, the world’s #1 destination for city lovers and #4 destination for ‘Food Lovers’.
Winning the three accolades is a significant achievement for Dubai as the awards were determined by the quality and quantity of independent destination reviews and ratings from travellers across accommodation, restaurants and activities over 12 months from November 1, 2020, and October 31, 2021.
Helal Saeed Almarri, director-general, Dubai’s Department of Economy and Tourism (DET), said: “Inspired by the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, the city adopted a multi-pronged strategy to deal with the pandemic including a series of initiatives that further enhanced our global competitiveness and attractiveness as a multi-faceted destination. It is truly a proud moment for Dubai to be endorsed as the top global destination, reaffirming the decisive yet prudent measures taken by Dubai to safely navigate and accelerate out of this unprecedented global challenge."
Almarri added that the achievement is a testament to the "dynamism, resilience and accessibility" of Dubai and its consistence in delivering the highest standards of service to all visitors.
Dubai was voted #1 on the global list of Tripadvisor Travellers’ Choice Awards for Best Global Destination, the world’s #1 destination for city lovers and #4 destination for ‘Food Lovers’.
Winning the three accolades is a significant achievement for Dubai as the awards were determined by the quality and quantity of independent destination reviews and ratings from travellers across accommodation, restaurants and activities over 12 months from November 1, 2020, and October 31, 2021.
Helal Saeed Almarri, director-general, Dubai’s Department of Economy and Tourism (DET), said: “Inspired by the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, the city adopted a multi-pronged strategy to deal with the pandemic including a series of initiatives that further enhanced our global competitiveness and attractiveness as a multi-faceted destination. It is truly a proud moment for Dubai to be endorsed as the top global destination, reaffirming the decisive yet prudent measures taken by Dubai to safely navigate and accelerate out of this unprecedented global challenge."
Almarri added that the achievement is a testament to the "dynamism, resilience and accessibility" of Dubai and its consistence in delivering the highest standards of service to all visitors.
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