AMWatch

Investment association chair fears proposed VAT law could harm asset management sector

A proposed change to VAT exemptions would, according to The Danish Investment Association, increase costs by up to DKK 2bn (EUR 269m) a year. Actively managed funds would bear the brunt of the change, but the chairman thinks all funds would be weakened compared to foreign players.

Robert Mikkelstrup, chairman of The Danish Investment Association | Photo: Danske Bank/PR

Investment funds are currently exempt from value added tax (VAT) in Denmark, but depending on how the Danish tax authorities interpret a new EU ruling, this may change.

Robert Mikkelstrup, chairman of the Danish Investment Association, is worried about that would mean for the industry association’s members, which are asset managers.

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