Consignment costs and income

Any consignment implies fees and may generate an income that will be attributed to the recorded value of the consignment. The following costs and revenues are concerned:

1. Custody expenses

Custody expenses consist of fees supported by the Consignment Office which are specifically applied to the custody of a given consignment. The said expenses are charged to the given consignment at the time of their recognition.

2. Credit / debit interests

Consignments which relate to an amount of money are either credited with monthly interests at a rate 10% lower in terms the average investment rate realised for a given currency, or debited with monthly interests at a rate 10% higher in terms of the said investment rate.

Interests are calculated for each full month of consignment and are recorded on the last day of the month.

3. Consignment tax

In accordance with paragraphs 3 and 4 of article 2 of the Grand Ducal regulation of 4 February 2000 setting the accounting rules of the Consignment Office and the rates for the consignment tax, the consignment tax is set on the basis of the book value of the consigned assets and the applied rates are the following:

• 1% per year for cash amounts;
• 2% per year for other assets for which deposit accounts are normally opened;
• 3% per year for other assets.
  
  

The consignment tax is calculated at the rate of one twelfth for each month of consignment and is accounted for on the first day of the month. The month in which the consignment receipt is issued is exempt from the consignment tax. However, regardless of the duration of the consignment, the due consignment tax may not be less than the amount calculated for one month.

A statement will be drawn up once the decision to restitute the assets is taken.