Fund Taxation Alert 2024-09

The Luxembourg indirect tax authority has introduced new online procedures for filing subscription tax returns for Undertakings for Collective Investment (UCI), Specialized Investment Funds (SIF), and Reserved Alternative Investment Funds (RAIF).

These new procedures are now available on MyGuichet.lu.

A two-year transition period, running until August 2026, will allow for both the old and new filing systems to operate in parallel.

The new procedures aim to simplify the management and control of subscription tax returns while assisting declarants.

Key updates in the new forms include:

• Addition of explanatory notes to guide declarants.
• Automatic conversion of amounts in currencies other than the euro, using the European Central Bank’s exchange rates.
• Option to file provisional returns for alternative funds when the Net Asset Value (NAV) is not yet available. A new tax return must be filed to correct the data by the quarter's deadline when the official NAV is available, automatically replacing the provisional return.
• Updated format for declaring CSSF identification numbers at the legal entity and fund compartment levels.
• New format for reporting data on both original and target funds for the “fund of funds” exemption.
• Introduction of a summary page displaying all entered data at the end of the filing process.

Additional data is required in the new form, as follows:

• CSSF number of the legal entity (UCI/SIF/RAIF).
• CSSF number of compartments, depending on the applicable tax return regime.
• For the “fund of funds” regime, identification of the original and target funds or compartments by corporate name and CSSF number.
• Corporate name and national identification number (matricule) of the legal entity responsible for submitting the subscription tax returns.

For more information, please consult Circular 821 available on the Indirect Taxation Portal.

Partner
+352 22 51 51 5505
bertrand.levy@kpmg.lu

Manager
+352 22 51 51 5489
anxhela.sulanjaku@kpmg.lu