The Circular n.56, jointly issued by MOF and SAT, has significant importance for the asset management industry, bringing on one side tax relief for taxpayers and, on the other side, easing the tax administration process for tax authorities. The Circular sets forth definitions of a “manager of asset management products” and “asset management product”, and further stipulates that for VAT taxable activities taking place during the operation of an asset management product by its manager, the simple calculation method temporarily will be adopted and VAT should be paid at the 3% levy rate.