law of 20 December 2002 - Alfi

Art. 130Art. 131(3) Are exempt from the subscription tax(a) the value of the assets represented by units held in other UCIs, providedsuch units have already been subject to the subscription tax provided forby this Article or by Article 68 of the law of 13 February 2007 on specialisedinvestment funds;(b) UCIs as well as individual compartments of umbrella funds:(i) whose securities are reserved for institutional investors and(ii) whose exclusive object is the collective investment in money marketinstruments and in deposits with credit institutions, and(iii) whose weighted residual portfolio maturity does not exceed 90 days,and(iv) that have obtained the highest possible rating from a recognised ratingagency.Where several classes of securities exist within the UCI or the compartment,the exemption only applies to classes whose securities are reserved forinstitutional investors.(c) UCIs whose securities are reserved for i) institutions for occupationalretirement provision, or similar investment vehicles, created at the initiativeof a same group for the benefit of its employees and ii) undertakings of thissame group investing funds they hold, to provide retirement benefits to theiremployees.(4) A grand-ducal regulation shall determine the conditions necessary for the applicationof the rate of 0.01 per cent and the exemption, and the criteria which themoney market instruments referred to above must comply with 101 .(5) The taxable basis of the subscription tax shall be the aggregate net assets ofthe UCI as valued on the last day of each quarter.(6) The preceding provisions apply mutatis mutandis to the individual compartmentsof a UCI with multiple compartments.Article 44 (1) d) of the amended law of 12 February 1979 concerning valueadded tax is amended to read as follows: “d) the management of UCIs andpension funds subject to the supervision of the CSSF or the Commissariat auxAssurances.” 102The duties of the registration administration 103 include the fiscal control ofUCIs.If, at any date after the constitution of the undertakings referred to in thislaw, the said administration ascertains that such undertakings are engaging inoperations which fall outside the framework of the activities authorised by thislaw, the fiscal provisions provided for in Articles 127 to 129 shall cease to beapplicable.Moreover, the registration administration may levy a fiscal fine of 0.2% on theaggregate amount of the assets of the undertakings.101 Grand-ducal regulation of 14 April 2003 determining the conditions and criteria for the application of the subscriptiontax referred to in Article 129 of the law of 20 December 2002 relating to undertakings for collective investment.102 The effect of this provision is to exonerate these services from Luxembourg VAT.103 Administration de l’Enregistrement65