On 15 July 2024, the Luxembourg indirect tax authorities issued Circular n° 821, introducing new digital forms for the submission of quarterly subscription tax returns. These forms, accessible via MyGuichet.lu, apply to Undertakings for Collective Investments (UCI), Specialized Investment Funds (SIF), and Reserved Alternative Investment Funds (RAIF). The changes aim to simplify tax filing and improve the reporting process for investment entities.
Key changes introduced by Circular n° 821:
- Automatic Currency Conversion: The new forms include automatic conversion of non-euro currencies using the European Central Bank (ECB) exchange rates, simplifying the process for non-euro denominated funds.
- Provisional Tax Returns: Alternative funds, whose Net Asset Value (NAV) is not available by the legal deadline, can submit provisional returns based on the latest available NAV. A rectifying return must be filed once the official NAV is available, ensuring compliance with the quarterly tax filing deadline of the 20th day of the month following each quarter.
- Declaration of CSSF Numbers: The new forms require the inclusion of the CSSF identification numbers for legal entities (UCI, SIF, RAIF) and, where applicable, for individual compartments, ensuring accurate classification under the relevant tax regime.
- Fund of Funds Exemption: For entities using the "fund of funds" regime, the form requires additional details, including the corporate name and CSSF numbers of both the original fund and the target fund or compartments.
- Data Overview: A summary page will be available to users, displaying all entered data before final submission, allowing for easy review and correction.
Additional data requirements:
- The CSSF number for both the legal entity and sub-funds must be provided.
- For entities using the "fund of funds" regime, details about both the original and target funds or compartments must be included.
- The party responsible for submitting the tax return must be identified, including their corporate name and national identification number (matricule).
Transitional Period Until August 2026
To provide sufficient time for entities to transition to the new requirements, Circular n° 821 establishes a two-year transitional period during which both the existing and new forms will be accepted simultaneously. As a result, the current forms will remain valid and usable until the end of August 2026.
During this period, the Luxembourg tax authorities encourage entities to familiarize themselves with the new forms and to start implementing the necessary changes. This proactive approach will ensure compliance with the updated requirements, including the submission of additional data as stipulated in the new forms.
Furthermore, alternative funds whose Net Asset Value (NAV) is not finalized by the end of the quarter may submit a provisional tax return using the latest available NAV. This allows compliance with the filing deadline of the 20th day of the month following the quarter-end. However, a rectifying return must be filed once the official NAV becomes available, replacing the provisional return automatically.
Should you have any questions or need further support for the registration, feel free to reach out to our Investment Management team.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
