By a grand-ducal regulation dated 14 July 2010 and published in the Mémorial on 30 July 2010, the Luxembourg government has decided to exempt microfinance investment funds from subscription tax.
This exemption will apply to UCIs and SIFs as well as each compartment of an umbrella UCI/SIF (i) the investment policy of which requires that at least 50% of their assets must be invested in one or more microfinance institutions listed by the CSSF or (ii) which have obtained the microfinance label from the Luxembourg Fund Labelling Agency a.s.b.l. Are also exempted feeder funds and funds of funds investing in the before mentioned target funds.
The grand-ducal regulation will be applicable as from the fiscal year 2010.
Click here for the English translation of the grand-ducal regulation.
For any questions, please contact one of the partners of the Investment Management Group at Linklaters LLP, Luxembourg:
Freddy Brausch
Partner
+352 26 08 1
Francine Keiser
Partner
+352 26 08 1
Hermann Beythan
Partner
+352 26 08 1
Emmanuel-Frédéric Henrion
Partner
+352 26 08 1
Josiane Schroeder
Counsel
+352 26 08 1
