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E-raamat: Investment Fund Taxation: Domestic Law, EU Law, and Double Taxation Treaties

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  • Formaat: 330 pages
  • Ilmumisaeg: 24-Apr-2017
  • Kirjastus: Kluwer Law International
  • Keel: eng
  • ISBN-13: 9789041196705
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Investment Fund Taxation: Domestic Law, EU Law, and Double Taxation TreatiesSuurem pilt
  • Formaat: 330 pages
  • Ilmumisaeg: 24-Apr-2017
  • Kirjastus: Kluwer Law International
  • Keel: eng
  • ISBN-13: 9789041196705
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The effect of the significant changes in tax law at domestic, European, and international levels on investment funds, an important part of global financial services, creates a complex environment for practitioners and a source of debate for academics and policymakers. This is the first book to provide a comprehensive legal and practical analysis of the changes to the complex multilevel tax and regulatory framework concerning different types of investment funds. The contributions, updated as of late 2017, were originally presented at a conference held at the University of Luxembourg in November 2016 under the auspices of the ATOZ Chair for European and International Taxation.

The book covers the central questions arising in national law and tax policy, explores the regulatory and tax framework of the European Union (EU), and discusses the multifaceted interactions of both national and EU law with bilateral tax treaties. Through fourteen chapters following a brief introduction, leading academic experts and practising specialists provide decisive insight into:

  • – the regulatory regime for European investment funds;
  • – the tax law and reforms in both Luxembourg and Germany;
  • – the role of the European Commission’s State-aid practices;
  • – examples of case law concerning the application of non-discrimination rules to various investment vehicles;
  • – the impact of tax-specific EU legislation, such as the Parent-Subsidiary Directive, the Tax Merger Directive, and the Anti-Tax Avoidance Directive;
  • – the availability of tax treaty protection for different collective and non-collective investment funds;
  • – the impact of base erosion and profit shifting (BEPS) developments on the taxation of cross-border investments;
  • – the value-added tax (VAT) treatment of investment funds and their managers; and
  • – the consequences of the global drive towards automatic exchange of information relating to existing cross-border investment structures.

With its particular focus on Luxembourg – the leading centre for investment funds in Europe (and second only to the United States globally) and, thus, an instructive model for domestic-level investment fund regulation and taxation – this volume reveals the common issues that arise in virtually every other jurisdiction with a sizeable fund industry.

As the first in-depth treatment of the globally significant nexus between investment funds and taxation, the book will prove valuable to policymakers, practitioners, and academics in both financial services and tax law.

Editor v
Contributors vii
Introduction 1(6)
Werner Haslehner
I Investment Fund Taxation: A Multifaceted Topic
1(1)
II Overview of the Contents
2(5)
Part I Funds Taxation: National Law and Policy 7(104)
Chapter 1 Introduction to Investment Funds Law
9(30)
Isabelle Riassetto
1.01 Introduction
9(3)
1.02 Sources of Investment Fund Law
12(3)
A European Union
12(2)
B Luxembourg
14(1)
1.03 Creation of an Investment Fund
15(11)
A Legal Structures of the Investment Fund
15(1)
1 UCITS Legal Structures
15(1)
2 AIF Legal Structures
16(1)
B Location of the Investment Fund
16(1)
C Object of the Investment Fund
17(1)
1 UCITS
17(1)
2 AIF
17(2)
D Minimal Financial Requirements to Create an Investment Fund
19(1)
E Investors of the Investment Fund
20(1)
1 Categories of Investors
20(1)
2 Number of Investors
21(1)
3 Investor Rights
22(1)
F Units or Shares of the Investment Fund
23(1)
1 Classes of Units or Shares
23(1)
2 Listed Units or Shares
24(1)
G Investment Funds Specific Organization
24(1)
1 Compartments of Investments
24(1)
2 Master Funds and Feeder Funds
24(1)
H Authorization or Registration of the Investment Fund
25(1)
1.04 Life of the Investment Fund
26(13)
A Assets of the Investment Fund
26(1)
1 Eligible Assets
26(1)
2 Safekeeping of the Assets
27(2)
B Management of the Fund
29(1)
1 Manager of the Fund
30(1)
2 Management of the Portfolio
32(1)
3 Risk and Liquidity Management
33(1)
C Administration of the Investment Fund
34(1)
D Marketing of the Investment Fund's Units or Shares
34(1)
E Supervision of the Investment Fund
35(1)
1 The Competent Authority's Supervision
35(1)
2 Depositary's Supervision
35(1)
F Investment Funds End of Life
36(1)
1 Investment Fund Liquidation
36(1)
2 Investment Fund Mergers
36(3)
Chapter 2 Investment Funds Taxation in Luxembourg
39(24)
Eric Fort
Philipp Jost
2.01 Introduction
39(1)
2.02 Historical Background of Taxation of Investment Funds
40(4)
A The System of Capital Duty and Subscription Tax
42(1)
B An Independent Tax System for UCIs under the 1983 UCI Law
42(2)
2.03 Overview: Luxembourg Investment Vehicles
44(4)
A The Corporate-Product Level
44(1)
1 UCITS
45(1)
2 AIFs
45(1)
3 Legal Structure
47(1)
2.04 Fiscal Regime for Luxembourg Regulated and Non-regulated Investment Funds
48(15)
A Taxation at the Time of the Constitution of an Investment Fund
49(1)
B Taxation During the Course of the Existence of the Investment Fund
49(1)
1 UCITS and Part II UCIs
49(1)
2 SIFs
51(1)
3 RAIFs
51(1)
4 SICARs
52(1)
a Corporate Form
52(1)
b Partnership
53(1)
5 Non-regulated Investment Funds
54(1)
a Corporate Form
54(1)
b Partnership
56(1)
6 NWT
57(1)
C Taxation of a UCI in the Event of Dissolution, Merger, Demerger, Conversion of Legal Form, or Any Similar Circumstances
58(1)
D Taxation of Management Companies
59(1)
E Taxation of Investors
60(1)
1 UCIs
60(1)
a Income Taxation of Investors Qualifying as Luxembourg Non-residents
60(1)
b Income Taxation of the Investors Qualifying as Luxembourg Residents
61(1)
2 Non-regulated Investment Funds
62(1)
Chapter 3 VAT and Investment Funds
63(20)
Charlene A. Herbain
Marie-Isabelle Richardin
3.01 Introduction
63(1)
3.02 VAT Status of Investment Funds
64(5)
A Directive and CJEU Case Law
64(1)
B Luxembourg Tax Authorities' Analysis
65(1)
1 The Entities
66(1)
2 Points of Attention
67(2)
3.03 The Consequences of VAT Status
69(2)
A Registration and Compliance Obligations
69(1)
1 Place of Supply
70(1)
3.04 Scope of the VAT Exemption
71(9)
A Investment Funds Covered by the VAT Exemption
71(1)
1 CJEU Principles
71(1)
2 Funds Covered by the VAT Exemption According to the VAT Law
72(1)
a UCITS, SIFs, SICARs, and Pension Funds Subject to the Supervision of a Luxembourg Regulator
72(1)
b Vehicles Similar to the Ones Referred to in Point
a Established in Another EU Member State and Subject to Supervision by a Supervisory Body
73(1)
c Securitization Vehicles
75(1)
d Alternative Investment Funds (AIFs)
75(1)
3 Services Covered by the VAT Exemption
76(1)
a Services Falling Within the Scope of the VAT Exemption
76(1)
b Services Excluded from the Scope of the VAT Exemption
79(1)
3.05 VAT Recovery
80(1)
3.06 Conclusion
81(2)
Chapter 4 Transparent, Semi-transparent, Opaque: Recent Developments in Fund Taxation in Germany
83(28)
Heribert M. Anzinger
4.01 Introduction
83(1)
4.02 History of German Fund Taxation
84(3)
A Corporate Taxation: Transparency or Double Tax Burden
84(1)
B Semi-transparency and Special Tax Regimes
85(2)
4.03 Current Fund Taxation Rules
87(2)
A Separation and Transparency
87(1)
B Income Qualification and Time Shift
87(1)
C Withholding Tax
88(1)
D Reporting Requirements and Lump Sum Taxation
88(1)
4.04 Reasons for Reform
89(3)
A Fragility
89(1)
B Complexity
90(1)
C EU-Law Uncertainties
90(2)
4.05 Discussed Reform Options
92(3)
A Minimally Invasive Surgery
92(1)
1 Clarifying the Link Between Tax Exemption and Tax Burden
92(1)
2 Tax Credit Instead of Tax Exemption at the Entrance Level
93(1)
3 Simplification of the Current System
93(1)
B Fundamental Reform Ideas
93(1)
1 Deferred, Final Levy of Tax at Disposal of Units
93(1)
2 Approximation and Rejection of the Tax-Transparency Principle
94(1)
4.06 Core Elements of the Revised German Investment Tax Law
95(12)
A Materials and Implementation
95(1)
B Scope and Concept of Investment Funds
96(1)
C Domestic and Foreign Funds
97(1)
D Two Systems in One Code
97(1)
E Basic Principles of Investment Fund Taxation
98(1)
1 Corporate and Trade Tax
98(1)
2 Investor-Related Tax Exemptions
98(1)
3 Tax Base
99(1)
4 Treaty Entitlement
100(1)
F Investor Taxation
101(1)
1 Distributions, Dispositions, and Redemptions
101(1)
2 Treaty Override
102(1)
3 Base-Yield Lump Sum (Pre-determined Tax Base or Vorabpauschale)
102(1)
4 Partial Income Method (Partial Exemptions)
103(1)
5 EU-Law Conformity
103(1)
G Special Investment Funds
104(1)
1 Taxation-Related Product Regulation
104(1)
2 The Transparency Option
105(1)
3 Default Opaque Tax Regime
106(1)
4 No Need for a Reform?
107(1)
4.07 Transition Rules
107(1)
4.08 Conclusions
108(3)
Part II Funds Taxation and European Union Law 111(68)
Chapter 5 Taxation of Collective Investments Within the Legal Framework of State Aid
113(14)
Claire Micheau
5.01 Introduction
113(1)
5.02 Brief Overview of State-Aid Rules
114(2)
5.03 The Distinctive Feature of Collective Investment Vehicles
116(1)
5.04 Economic Activity for Investment Funds under State-Aid Law
117(2)
5.05 The Key Issue of Selectivity
119(5)
A Defining the General Reference Framework
119(2)
B Derogation from the Reference Framework
121(1)
C The Relevance of the Justification by the Logic of the Tax System
121(3)
5.06 Conclusion
124(3)
Chapter 6 Funds Taxation and the Third-Country Dimension
127(18)
Keith O'Donnell
Uljana Molitor-March
6.01 Introduction
127(4)
6.02 Key CJEU Decisions
131(8)
A Orange Smallcap
131(2)
B Aberdeen
133(1)
C Santander
134(2)
D Emerging Markets
136(1)
E Miljoen
137(2)
F Key Conclusions
139(1)
6.03 A Review of National Court Decisions
139(4)
A Finland
139(1)
B Sweden
140(1)
C Poland
141(1)
D Conclusions
142(1)
6.04 What's Next?
143(2)
Chapter 7 Investment Fund Taxation and Fundamental Freedoms: Four Approaches to Comparability
145(12)
Mario Tenore
7.01 Introduction
145(1)
7.02 The ACT GLO/Denkavit Approach: The Aberdeen Case
146(2)
7.03 The Distinguishing Criterion Approach
148(2)
7.04 The Aim Approach
150(3)
7.05 The Regulatory Framework Approach
153(2)
7.06 Conclusions
155(2)
Chapter 8 Funds and EU Tax Directives
157(22)
Katerina Pantazatou
8.01 Introduction
157(4)
A Setting the Scene: Background
159(1)
B 'Funds-Specific Directives' and Their Contribution
159(2)
8.02 The Parent-Subsidiary Directive
161(4)
8.03 The Anti-Tax Avoidance Directive
165(4)
8.04 The Automatic Exchange of Tax Information
169(2)
8.05 The AMLD: Tax Repercussions for Funds
171(1)
8.06 The Tax Merger Directive
172(5)
8.07 Conclusion
177(2)
Part III Funds in International Tax Law and Policy 179
Chapter 9 Non-collective Investment Funds under BEPS Action 6 Versus European Investment Fund Law
181(16)
Dirk A. Zetzsche
9.01 Introduction
181(1)
9.02 The OECD's Approach
182(2)
9.03 The Financial Law's View of Investment Funds
184(7)
A Investment Fund as Network of Contracts
184(1)
B Economic Rationale
185(2)
C Minimum Substance as Precondition of the Investment Triangle
187(2)
D Investor Passivity as Precondition of the Investment Triangle
189(1)
E Irrelevance of the Legal Form as Precondition of the Investment Triangle
190(1)
9.04 A Financial Law Solution to BEPS Item 6 Definitional Issues
191(4)
A Designing the LOB Rule with a View to the 'Widely Held' Criterion
191(3)
B Role of the PPT Rule
194(1)
C And One Step Further
195(1)
9.05 Conclusions
195(2)
Chapter 10 Treaty Entitlement of Funds in the Pre-BEPS World
197(28)
Daniel Durrschmidt
10.01 Introduction
197(4)
10.02 Overview of the Application of Tax Treaties to a CIV
201(4)
A General Remarks
201(1)
B Treaty Entitlement (Personal Scope of Application)
202(1)
C Distributive Rules, Including the Beneficial Ownership Concept
202(2)
D Methods for the Avoidance of Double Taxation
204(1)
10.03 Treaty Entitlement and Beneficial Ownership of a CIV under General Tax-Treaty Provisions
205(10)
A General Remarks
205(1)
B CIV as a 'Person'
205(1)
C CIV as a 'Resident of a Contracting State'
206(7)
D CIV as the Beneficial Owner
213(1)
E Treaty Entitlement of Investors
214(1)
10.04 Special Tax Treaty Provisions for CIVs Related to Treaty Entitlement and Beneficial Ownership
215(7)
A General Remarks
215(1)
B Content of Special Tax Treaty Provisions
215(3)
C Weaknesses of Special Tax Treaty Provisions for CIVs, Exemplified by the Provisions in the Germany/Luxembourg Tax Treaty
218(4)
10.05 Conclusion and Impact of EU Law and the G20/OECD Project Confronting BEPS
222(3)
Chapter 11 Funds in International Tax Law: Examples from Luxembourg's Treaties
225(18)
Jean Schaffner
11.01 Introduction
225(2)
11.02 SICAVs
227(3)
11.03 Collective Investment Funds (FCPs)
230(2)
11.04 Express Provisions in Tax Treaties
232(7)
11.05 The New OECD Approach
239(2)
11.06 Practical Issues
241(1)
11.07 Outlook
242(1)
Chapter 12 Treaty Entitlement of Funds in the Post-BEPS World
243(28)
Keith Lawson
12.01 Introduction
243(2)
12.02 What Has Changed?
245(12)
A The OECD's CIV Report
245(1)
1 Putting the CIV Report (and BEPS Action 6) in Context
245(1)
2 Some High-Level Observations about the CIV Report
246(1)
3 A Quick Review of the Optional Provisions Added to the Commentary
248(2)
B BEPS Action 6
250(1)
1 The Government Mindset and the BEPS Action 6 Objectives
250(1)
2 The Specific Action 6 Requirements
251(1)
a In General
251(1)
b The LOB Rule
251(1)
c The PPT Rule
252(1)
3 The Treatment of CIVs under Action 6
252(1)
a The LOB Rule
252(1)
b The PPT Rule
253(3)
C The Increased Focus on the Financial Services Industry and on Funds
256(1)
12.03 Overarching Industry Themes
257(5)
A Certainty
258(1)
1 The Importance of Certainty
258(1)
2 Factors That Lead Funds to Book a Treaty Claim (or Not)
259(1)
3 Getting Clarity
259(1)
B Neutrality
260(1)
C Practical Solutions
261(1)
D Support for the CIV Report's Recommendations and TRACE Implementation
262(1)
12.04 Governmental Concerns
262(4)
A 'Treaty Negotiator' Tax Policy-Related Concerns
262(1)
1 The 'Preserving the Ability to Negotiate a Treaty' Concern
262(1)
2 The (Related) 'Treaty Shopping' Concern
263(1)
3 The 'Deferral' Concern
264(1)
4 The 'Equivalent Beneficiary' Concern
264(1)
B 'Technical Requirement' Concerns
265(1)
C 'Administrative' Concerns
265(1)
1 The 'Revenue' Concern
265(1)
2 The Proof Concern: AKA 'Reliable Solutions'
265(1)
12.05 The Way Forward
266(5)
A In General
266(1)
B Implement the CIV Report
266(2)
C Implement TRACE
268(1)
D Clarify the PPT Rule's Application to Funds
268(1)
E Final Thoughts
269(2)
Chapter 13 Non-discrimination of Funds and Double Taxation Relief
271(10)
Daniel Gutmann
13.01 Introduction
271(1)
13.02 The Perspective of the Source State
272(6)
13.03 The Perspective of the Residence State
278(2)
A Transfer of Tax Credit to Investors
278(1)
B Refund of the Withholding Tax to the Fund
279(1)
13.04 Conclusion
280(1)
Chapter 14 Practical Tax Aspects of Fund Structuring in Luxembourg
281
Geoffrey Scardoni
14.01 Introduction
281(1)
14.02 Overview of General Tax Aspects of Fund Structuring
282(19)
A Proposed Case Scenario
282(1)
B General Tax Aspects to Be Considered
282(1)
1 Preliminary Analysis
283(1)
a Choosing a Fund Vehicle
283(1)
b Choosing a Holding Vehicle for Investments
284(1)
C Domestic Tax Considerations
284(1)
1 Repatriation Structure
284(1)
2 Corporate Taxation of a Luxembourg Acquisition/Holding Vehicle
285(1)
3 Arm's Length Remuneration for the Management Company and the Investment Advisors
285(1)
4 Value Added Tax Treatment of Management and Advisory Services
285(1)
D International Tax Considerations
285(1)
1 International Tax Considerations of the Targeted Assets
286(1)
2 Foreign AIFM
286(1)
3 Deductibility of Interest and Hybrid Mismatches
286(1)
E International Tax Considerations for the Investors
287(1)
1 Preliminary Analysis
287(1)
a Choosing a Fund Vehicle
287(1)
i Tax Neutrality Derived from the Legal Nature of the Vehicle
288(1)
ii Tax Neutrality Derived from Specific Tax Regimes
288(1)
iii Tax Neutrality Derived from an Exemption for Specific Types of Income
288(1)
b Choosing a Holding Vehicle
289(1)
F Domestic Tax Considerations
290(1)
1 Financing Structure
290(1)
2 Taxation of a Luxembourg Holding/Acquisition Vehicle
292(1)
a Corporate Income Tax
292(1)
b Net Wealth Tax
294(1)
c Participation Exemption Regime
294(1)
3 Funding HoldCo
295(1)
a Arm's Length Remuneration for the General Partner/AIFM/Advisors
295(1)
i VAT Treatment of Management and Advisory Services
295(5)
G International Tax Considerations
300(1)
1 Tax Considerations of the Jurisdictions Where the Targeted Assets Are Located
300(1)
14.03 Foreign AIFM
301
A Investor Tax Considerations
301(1)
B Fund Structure Chart for Our Case
302
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