Luxembourg VAT authorities confirm VAT exemption for fund risk management services
On 7 November, the Luxembourg VAT authorities published a circular on the VAT treatment applicable to risk management for investment funds. The VAT authorities confirmed that risk management functions are to be considered as forming part of VAT-exempt fund management services.
This confirmation is of particular relevance for Luxembourg-based alternative investment funds (AIFs), having the obligation as per the provisions of the Alternative Investment Fund Managers Directive (AIFMD) and the Luxembourg AIFM Law to identify, measure, manage and monitor appropriately all risks relevant to AIF investment strategies.
The provisions of the Luxembourg VAT law has recently been amended in order to explicitly include AIFs as eligible vehibles for the VAT exemption applicable to management services…
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On 5 September 2014, the Luxembourg and French finance ministers signed a fourth amendment to the Luxembourg-France Double Tax Treaty dated 1 April 1958.