Regulatory Alerts2010-07-14
Added · Updated
Grand-ducal Regulation of 14 July 2010 Exempting Microfinance Investment Funds from Subscription Tax
Undertakings for collective investment (UCIs) and specialised investment funds (SIFs) are exempted from subscription tax if at least 50% of their assets are invested in microfinance institutions or if they hold the microfinance label from the a.s.b.l. Luxembourg Fund Labelling Agency. Microfinance is defined as financial transactions, excluding consumer loans, with a value not exceeding EUR 5,000 that fund small income-generating activities for poor populations excluded from the traditional financial system. The Commission de Surveillance du Secteur Financier establishes a list of exempt entities upon request, and the regulation applies starting from the 2010 fiscal year.
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