Indirect Tax Publications


VAT can be an important cost in the Asset Management industry. Funds and asset managers must consider both VAT-related risks and opportunities in the set-up and development of their product range.




Shifting the balance: From direct to indirect taxes

The trend for governments to raise more revenues through indirect taxes seems set to continue. The spread of Value Added Tax and Goods and Services Tax is continuing at a rapid pace across the world and the design of these taxes is constantly under review where already in place.




Obligation to use SAF-T for VAT in Luxembourg

The OECD has defined a standard audit file format (Standard Audit File for Tax (SAF-T) for tax audits and a standard set of tests to be performed during an audit. Many OECD countries are considering the feasibility of implementing SAF-T and some have already begun. There will be some variation in how each country implements SAF-T, such as the scope of data, file format, whether it is mandatory or not, and which tax payers are in scope. However, companies in each jurisdiction will face a common set of challenges:

  • How to extract and populate a SAF-T file from their systems,
  • How to verify that all requirements are met in terms of structure and format,
  • How to ensure that the file content is VAT-compliant before submitting it to the tax authorities

Luxembourg is one of the counties which have implemented the SAF-T. In Luxembourg, SAF-T is referred to as FAIA (Fichier Audit Informatisé Administration de l’enregistrement et des domaines).




eVATAR - Coping with Luxembourg’s new compliance obligations

In an era of digitisation – and in the context of the European VAT directive that requests domestic authorities to give taxpayers the possibility to fulfil their compliance obligations electronically – the Luxembourg VAT authorities have gone for an automation of their processes in a bid to simplify and accelerate administrative processes.




How the VAT exemptions impact the banking sector

A new research by Professor Ben Lockwood of the University of Warwick undertaken with PwC has revealed that the VAT exemption which applies to European banks does not lead to a tax advantage for the banking sector.
The report concludes that if bank services were subject to VAT (in place of the current exemption system) this would not lead to any significant increase in EU VAT revenues.




A Guide to VAT in the 27 EU Member States, Norway and Switzerland

In light of the recent VAT package introduced in January 2010, the important legislative changes that have come into play will have major consequences for those companies purchasing or providing services within and outside of the EU.

This 18th edition of A guide to VAT in the 27 EU Member States, Norway and Switzerland encompasses everything you need to know about VAT in Europe, and much more. Comprehensive and easy to use, it’s a VAT encyclopedia of over 1000 pages that goes beyond rules and legislation, offering a valuable resource that helps you to understand and interpret the changes.

A guide to VAT in the 27 EU Member States, Norway and Switzerland is an indispensable guide for all tax, accounting and finance professionals.




VAT Package Implementation Programme

The VAT package represents one of the most significant changes in recent years to the way VAT operates across Europe. Companies now have to rethink the planning of their service flow as well as their reporting and compliance obligations.

Assessing the impact of the new rules on your business and taking the appropriate actions to adapt to these changes may foster your relationships with clients, service providers and VAT authorities. Our VAT Package Implementation Programme is designed to help you in a comprehensive and flexible way. The programme aims at highlighting what should be done, the benefits for your business and the solutions we can offer.




Financial Services - VAT Package Implementation Programme

The VAT package represents one of the most significant changes in recent years to the way in which VAT operates across Europe. Companies now have to rethink the planning of their service flow as well as their reporting and compliance obligations.

Assessing the impact of the new rules on your business and taking the appropriate actions to adapt to these changes may foster your relationships with clients, service providers and the VAT authorities. Our VAT Package Implementation Program is designed to help you in a comprehensive and flexible way. The program aims at highlighting what should be done, the benefits for your business and solutions we can offer.