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06 May 2022

ALFI responds to the EC public consultation on VAT in the digital age


The digitalisation of the economy implies also challenges for the financial industry as a whole including for the fund industry.

ALFI welcomes the publication of the public consultation regarding VAT in the digital age and is pleased to hereby provide its views in this respect. The digitalisation of the economy implies also challenges for the financial industry as a whole including for the fund industry. These challenges are, on the one hand, some services rendered by platforms to the investors, and, on the other hand, some services rendered by the platforms to various actors in the value chain such as asset managers, distributors, administrative agents, etc.


These two categories of services are faced with the same difficulty to determine whether these services should qualify as exempt financial services or as taxable “general” or “electronic” services fully taxable at the standard rate. It is, for example, not always easy to determine whether the services provided by a platform to an investor willing to acquire or sell shares or units in a fund qualify as exempt intermediary services (article 135.1.f) of the EU VAT Directive). The platform would effectively act as an intermediary in the meaning of article 135.1.f) of the EU VAT Directive as interpreted by the Court of Justice of the European Union....

more at ALFI



© ALFI - Association of the Luxembourg Fund Industry


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