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The Luxembourg Prime Minister announced yesterday in his annual speech on the State of the Nation (Déclaration sur l'Etat de la Nation) that the subscription tax (taxe d'abonnement) on Exchange Traded Funds (ETFs) will be abolished. The tax is presently levied generally at the rate of 0,01%. We expect that the change will be implemented at the latest by the end of this year when the investment fund law will be amended to implement UCITS IV.
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