Mensuel de mai 2021 - Fonds d’investissement

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The economic role of investment funds and the tax element
By Vilma DOMENICUCCI, Senior Tax Adviser, Association of the Luxembourg Fund Industry (ALFI)   The role of Undertakings for Collective Investments (UCIs) is to pool a number of investors to invest in assets in accordance with a predefined investment policy to which investors subscribe. In that context, in order to have a comprehensive view of the taxation of investments made through UCIs, a global approach that considers (i) the taxation of the UCI itself in its country of establishment, (ii) the taxation of investors in accordance with the tax legislation in their country of residence and (iii) the taxation at source on income or gains deriving from investments has to be taken. The resulting global tax burden should then be compared and be similar, or at least...
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