VAT for Investment Funds
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VAT for Investment Funds

courseType Technical Skills, Financial Sector

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General course details


A good understanding of VAT rules is a must in any business but this is even more crucial when it comes to investment funds where VAT is generally a cost.

Certain services cannot benefit from the specific VAT exemption applicable to the management of special investment funds. There are different interpretations of the scope of the exemption across different EU Member States and there is a growing volume of EU jurisprudence on the subject. Suppliers providing exempt services (management companies, administrative agents, etc.) have to work out how to recover VAT on their purchases.

The introduction of new VAT measures since 1 January 2017 (increase of VAT penalties, introduction of the VAT liability of the directors and de jure or de facto managers of taxable persons) underlines the importance of being fully compliant at all times with the Luxembourg VAT legislation. In particular, it is important that all VAT taxable persons, including investments funds and their suppliers, have sufficient comfort on the VAT treatment applicable to their output and input transactions.

PwC's Academy is happy to offer you an innovative training session which gets you up to speed on the main VAT issues for investment funds such as FCPs, SICAVs, SIFs, SICARs, AIFs and securitization vehicles and their management companies.


At the end of the session, participants will be able to:
  • describe the main VAT rules applicable to investment funds in Luxembourg;
  • apply the proper VAT treatment of a given transaction and report it correctly in the corresponding VAT forms;  
  • identify VAT exposures and opportunities to mitigate the final VAT cost where possible;
  • identify recent and future developments both at local and international levels and the consequences for their business.


Theoretical part
  • Basic VAT rules explained through the “5-question method”;
  • VAT recovery methodology;
  • Luxembourg VAT compliance obligations;
  • Luxembourg updates and CJEU case law.
Practical part
  • Case study on the application of the rules, illustrating the main issues, risk areas and opportunities. The case study will consist of analysing the VAT treatment of several transactions and reporting these transactions into a VAT return. 

Target audience

  • financial directors
  • accountants
  • employees dealing with VAT
  • internal auditors (invoicing, VAT accounting)

Already with some basic VAT knowledge.
Otherwise, we can propose a specific course : VAT principles: Basics)



This training is coordinated by Marie-Isabelle Richardin, Tax Partner in the PwC VAT department.
im.jpgMarie-Isabelle Richardin has been with PwC’s VAT practice since 2000. Her role at PwC is to assist operators in the financial services industry with their indirect-taxation strategies to help them comply with indirect-tax obligations. She also gained experience of the international tax world by working 2 years in New York. Marie-Isabelle is a regular speaker at conferences and training sessions on VAT for financial services. She is PwC Luxembourg’s representative in the VAT working groups such as the Luxembourg Investment Funds Association (ALFI), the European Fund and Asset Management Association (EFAMA) and she is chairwoman of the VAT group at LPEA.



This training is also available in French and German.

Number of participants

Limited to 20 participants to ensure good interactivity


0.5 day

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