Further to our recent communication on this subject, the Association Luxembourgeoise des Fonds d'Investissement ('ALFI') has released the following statement:
"The Luxembourg Representation at the European Commission has issued on 26th April 2006 a press release informing that the European Commission has decided, in response to a complaint lodged by Luxembourg investment funds, that the Belgium taxe d'abonnement does not constitute "State Aid". ALFI would like to clarify that this decision of the European Commission is not the reaction of the latter to the complaint lodged by ALFI with the European Commission, also in relation to the Belgium taxe d'abonnement, in December 2003. ALFI's complaint was not based on State Aid arguments, but, inter alia, on arguments of infringement to the free movement of services and capital (articles 49 and 56 of the EC Treaty) and articles 2 and 11 of the Capital Duty Directive. After due inquiry with the European Commission, ALFI has been informed that the recent decision is indeed not the Commission's response to the ALFI's complaint and that a reaction to the latter can be expected by September/October 2006."
Please note that the above communication merely provides a high-level overview of the legislative developments.