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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