Tue 4 Apr 2017
News - ILA & ALFI Recommendations - VAT ON REMUNERATION OF DIRECTORS OF UCIs AND THEIR MANAGEMENT COMPANIES
On 30 September 2016, the Luxembourg Indirect Tax Authorities issued Circular n° 781 on the activities of directors of Luxembourg companies. The Circular does not however specifically provide any guideline on the application of the exemption of article 44.1.d) of the VAT law to the remuneration of directors and managers of investment funds and their management companies.
VAT experts from ILA and ALFI assessed the situation of investment funds and their management companies, and developed the following recommendations:ILA & ALFI recommendations - VAT ON REMUNERATION OF DIRECTORS OF UCIs AND THEIR MANAGEMENT COMPANIES