What is a SPF? What type of investments can be placed into a SPF? What type of investors can invest into a SPF?

Size: px
Start display at page:

Download "What is a SPF? What type of investments can be placed into a SPF? What type of investors can invest into a SPF?"

Transcription

1 THE SPF

2 What is a SPF? SPF stands for Société de Gestion de Patrimoine Familial. The SPF is a tax neutral investment company which sole purpose is the management of the private wealth of individuals. The company may be seen as an extension of the private wealth of individuals. However, as the SPF is a company with a legal personality different from those of its shareholders, the responsibility of an investor/shareholder is limited to the assets contributed to the company. What type of investments can be placed into a SPF? Forbidden activities are, among others: Any type of commercial activity; Granting of loans: the SPF is not allowed to render any kind of services, including granting interest bearing loans, even to companies in which the SPF holds a participation. However, it may make cash advances or guarantee the liabilities of a company in which it holds a participation, but only on an ancillary basis and without remuneration; Holding of intellectual property: the SPF is not authorised to hold any type of intellectual property directly; Holding of real estate: the SPF may not invest directly into real estate. However, it may acquire holdings in corporations or other non-transparent entities that own real estate. As the SPF is an extension of the private wealth of its investors, its activities are limited to those generally expected from individuals managing their financial assets. Based on the SPF Law, the SPF is able to perform the following activities: Holding of financial assets: acquisition, holding, management and disposal of financial assets (e.g. shares in companies, other securities equivalent to shares/units in companies and undertakings for collective investment, bonds and other forms of debt instruments, cash and assets of any kind held in a bank account, investments in structured products or derivatives, put/call options on securities, indexes and currencies). Holding of participations: the SPF can also hold participations in the share capital or the voting rights of other companies, but only to the extent that the SPF is not involved in the management of these companies. The SPF is therefore not allowed to perform any management role in its subsidiary. There are however no restrictions as regards to the activity of the company in which the SPF may hold a participation. What type of investors can invest into a SPF? The SPF is exclusively designed for investors managing their private wealth. The shares of the SPF cannot be used for public placement and cannot be quoted on a stock exchange. The benefits of the SPF regime is not open to corporate investors and it cannot be used within a corporate group. Eligible investors within the meaning of the SPF Law are: a. individuals managing their private wealth, or b. private wealth management entities acting for one or several individuals (trust etc.), or c. intermediaries acting on behalf of a) or b). Private wealth management entities are intended to include (but not exclusively), entities such as trusts, foundations, stichtings or any other such type of entity, to the extent that their purpose is the management of the private wealth of one or more individuals. Entities holding the shares of the SPF on a fiduciary basis on behalf of an individual or a private wealth management entity are also eligible investors.

3 How to set up a SPF? The SPF is not a legal form as such. It can be set up as a public limited company (SA), a partnership limited by shares (SCA), a private limited company (Sàrl), or a cooperative company organised under the form of a public limited company. It shall be clearly indicated in the company s articles of incorporation/association that it is a private wealth management company within the meaning of the SPF Law. SPFs are subject to the requirements in terms of minimum share capital applicable to ordinary commercial companies (EUR for a SA and SCA and EUR for a Sàrl). How is a SPF regulated? The SPF is not a regulated entity. No authorisation is required prior to the acquisition of the SPF status or to the beginning of its activities as long as the company complies with the specific conditions set by the SPF Law. The SPF is however supervised by the Luxembourg indirect tax authorities ( Administration de l Enregistrement et des Domaines - AED ). The indirect tax authorities are entitled to search and analyse all facts and data in connection with the tax status of the company in order to ensure that the correct amount of taxes is levied. In addition, the SPF needs to have certain points certified on an annual basis by its domiciliary agent or, if there is none, by a chartered accountant ( expert-comptable ) or a certified auditor. It will have to be certified that the investors in the SPF are eligible investors and that the SPF has complied with its withholding tax obligations on interest paid to individuals where applicable. The Law does not formally require the SPF to comply with a specific debt-to-equity ratio. However, since the part of the debt that exceeds eight times the paid-up share capital plus share premium would be taken into account for the computation of the annual subscription tax (as this tax is computed on the capital), the SPF, in practice, often complies with a ratio of maximum 8 of debt to 1 of equity. What are the key tax and legal benefits of a SPF? The SPF is the vehicle of choice for individuals and family offices that wish to pool their assets in a tax neutral investment company. The SPF is not subject to Luxembourg corporate income tax, municipal business tax or net wealth tax. Due to its specific tax regime, the SPF is however not entitled to benefit from the double tax treaties concluded by Luxembourg or from the EU Parent Subsidiary Directive. As a result, any dividend and interest payments on financial assets received by a SPF might be subject to withholding tax, if any, in the State of source in accordance with the domestic tax rules of that State. There is no Luxembourg withholding tax on the distributions of profits made by a SPF to its shareholders. However, payments of interest by a SPF can be subject to withholding tax in certain cases.

4 The SPF is subject to an annual 0,25% subscription tax that is levied on the sum of: the paid-in share capital and share premium of the SPF; and the part of the debt (if any) that exceeds eight times the amount of the paid-in share capital and share premium of the SPF. This means in practice that the SPF is expected to comply with an 8 to 1 debt-to-equity ratio. The subscription tax cannot be lower than EUR 100 and is capped at EUR 125,000 per year. The tax is payable on a quarterly basis. Given its restricted scope of activities, SPFs are not considered by the Luxembourg Authorities as taxable persons for VAT purposes. Finally, the SPF is an extension of the private wealth of individuals that offers its shareholders the benefits associated with the legal personality, i.e. legal liability limited to the assets contributed into the company. Why ATOZ? ATOZ is a Luxembourg high end independent advisory firm offering comprehensive solutions, encompassing the entire life cycle of an investment entity: from tax planning and corporate implementation, management and compliance/maintenance, to exit planning (sale, M&A or dissolution) with a strong focus on alternative investment PE/PERE funds, multinational corporations, financial institutions and high net worth families. ATOZ is very active in the PE sector and is advising multibillion funds investing throughout the world. ATOZ has managed to take advantage of its in-depth knowledge of the industry to propose innovative solutions to the PE industry creating added value for both LPs and GPs. ATOZ is an active member of the Luxembourg Private Equity Association. ATOZ is a founding member of Taxand, the first independent global organisation with tax professionals in nearly 50 countries. Taxand provides high quality, integrated tax advice worldwide. The Taxand tax professionals, nearly 400 tax partners and over tax advisors grasp both the fine points of tax and the broader strategic implications, helping you mitigate risk, manage your tax burden and drive the performance of your business.

5 THE SPF - OVERVIEW LEGAL / REGULATORY REQUIREMENTS BEST PRACTICE STRUCTURE CHART KEY TAX BENEFITS PRIVATE INVESTORS Individuals Private wealth management entities INVESTMENT ADVISOR No WHT on payments to investors (except on interest from savings) STATUTORY SEAT IN LUXEMBOURG MAJORITY OF BOARD MEMBERS LUXEMBOURG RESIDENT SPF SA, SCA, Sàrl, Coop SA CIT Exemption NWT Exemption AUDITOR DOMICILIATION COMPANY/ OFFICE AND ACCOUNTS DRAWN UP IN LUXEMBOURG Subscription Tax 0,25% on share capital + share premium (capped at EUR ) LEGAL / TAX ADVISOR FINANCIAL ASSETS

6

PRIVATE WEALTH MANAGEMENT COMPANIES

PRIVATE WEALTH MANAGEMENT COMPANIES PRIVATE WEALTH MANAGEMENT COMPANIES (SPFs) www.bdo.lu 2 Private Wealth Management Companies (SPFs) TABLE OF CONTENT FOREWORD 3 1. INTRODUCTION 4 2. ACTIVITIES OF AN SPF 2.1 Permitted activities...5 2.2

More information

May 2012. Private wealth management company Société de gestion de patrimoine familial (SPF)

May 2012. Private wealth management company Société de gestion de patrimoine familial (SPF) May 2012 Private wealth management company Société de gestion de patrimoine familial (SPF) Introduction On May 11, 2007, Luxembourg enacted a law regulating a private wealth management company, the so-called

More information

Comparison table of Luxembourg investment vehicles. Chevalier & Sciales

Comparison table of Luxembourg investment vehicles. Chevalier & Sciales Comparison table of Luxembourg investment vehicles Chevalier & Sciales The purpose of this memorandum is to set out the different investment vehicles (regulated, lightly regulated and unregulated) that

More information

Luxembourg is creating an environment to attract different kind of funds by providing different kinds of vehicle to pool their investments.

Luxembourg is creating an environment to attract different kind of funds by providing different kinds of vehicle to pool their investments. APPENDIX A INVESTMENT FUNDS SECTOR IN LUXEMBOURG Luxembourg is creating an environment to attract different kind of funds by providing different kinds of vehicle to pool their investments. Luxembourg offers

More information

Private Asset Management Company (SPF) in Luxembourg

Private Asset Management Company (SPF) in Luxembourg Private Asset Management Company (SPF) in Luxembourg I. Concept II. Legal structure of a Private Asset Management Company (SPF) in Luxembourg 1. Legal form 2. Formation 3. Minimum capital 4. Shareholders

More information

GLOBAL GUIDE TO M&A TAX

GLOBAL GUIDE TO M&A TAX Quality tax advice, globally GLOBAL GUIDE TO M&A TAX 2013 EDITION www.taxand.com CYPRUS Cyprus From a Buyer s Perspective 1. What are the main differences among acquisitions made through a share deal versus

More information

Luxembourg holding companies: competitive and tax-efficient

Luxembourg holding companies: competitive and tax-efficient Luxembourg holding companies: competitive and tax-efficient June 2009 Table of contents 1. Introduction...3 2. Standard holding company (SOPARFI)...3 3. Double taxation treaties...3 4. Registration taxes...3

More information

www.pwc.lu The regime governing holding companies in Luxembourg

www.pwc.lu The regime governing holding companies in Luxembourg www.pwc.lu The regime governing holding companies in Luxembourg January 2013 This publication is exclusively designed for the general information of readers and is (i) not intended to address the specific

More information

Belgium in international tax planning

Belgium in international tax planning Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated

More information

BEPS SCAN: A DIAGNOSTIC TOOL FOR BEPS READINESS

BEPS SCAN: A DIAGNOSTIC TOOL FOR BEPS READINESS BEPS SCAN: A DIAGNOSTIC TOOL FOR BEPS READINESS What is BEPS? The abbreviation BEPS stands for Base Erosion and Profit Shifting and characterizes tax planning in the broadest sense. In 2013, the OECD launched

More information

Belgium Taxation. 3.1 Taxation of funds. FCP (investment fund) BEVEK/SICAV (investment company)

Belgium Taxation. 3.1 Taxation of funds. FCP (investment fund) BEVEK/SICAV (investment company) Belgium Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Open-ended collective investment funds are organized either as an FCP (investment fund fond commun de placement) with a variable number

More information

THE SOCIETE DE GESTION DE PATRIMOINE FAMILIAL AN EXCELLENT FINANCIAL AND TAX PLANNING TOOL

THE SOCIETE DE GESTION DE PATRIMOINE FAMILIAL AN EXCELLENT FINANCIAL AND TAX PLANNING TOOL THE SOCIETE DE GESTION DE PATRIMOINE FAMILIAL AN EXCELLENT FINANCIAL AND TAX PLANNING TOOL Information available on this leaflet have the sole purpose of providing general information on the activities

More information

CLIENT ATTORNEY PRIVILEGED WORK PRODUCT. Jurisdictional comparison The Netherlands Luxembourg Cyprus Holding companies

CLIENT ATTORNEY PRIVILEGED WORK PRODUCT. Jurisdictional comparison The Netherlands Luxembourg Cyprus Holding companies Jurisdictional comparison The Netherlands Luxembourg Cyprus Holding companies CORPORATE/LEGAL Incorporation time and costs Possible in 3 days app. EUR 2,500 Less than a week app. EUR 4,000 Up to 2 weeks

More information

1. Eligible investors 2. Supervision 3. Asset management 4. Disclosure and reporting obligations 5. Legal form 6. Depositary 7.

1. Eligible investors 2. Supervision 3. Asset management 4. Disclosure and reporting obligations 5. Legal form 6. Depositary 7. SICAR April 011 Investment company in risk capital (SICAR) The investment company in risk capital (société d investissement en capital à risque (SICAR)) regime was established by the law dated 15 June

More information

CYPRUS TAX CONSIDERATIONS

CYPRUS TAX CONSIDERATIONS TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions

More information

Company Formation Luxembourg

Company Formation Luxembourg Public Limited Company (PLC., Corp./SA); Limited Liability Company (LLC., LTD./SARL); Partnership Limited by Shares (SCA); Limited Partnership (LP./ SCS); General Partnership (GP./SNC); European Company,

More information

The marketing of participations in foreign private equity funds from an Austrian tax perspective

The marketing of participations in foreign private equity funds from an Austrian tax perspective Seite 1 von 6 www.altassets.net The case for countries - Austria The marketing of participations in foreign private equity funds from an Austrian tax perspective Gerald Gahleitner, Gerald Toifl, Leitner

More information

SOPARFI. Background. 1. Holding activity: The «pure Soparfi» 2. Commercial activity: Regular Luxembourg company

SOPARFI. Background. 1. Holding activity: The «pure Soparfi» 2. Commercial activity: Regular Luxembourg company SOPARFI (Financial Participations Company) Background The Luxembourg Soparfi is the leading corporate tool designed for both the optimization, structuring and holding of participations as well as for the

More information

31 July 2015 For the period beginning 1 January 2015 and ending 31 July 2015

31 July 2015 For the period beginning 1 January 2015 and ending 31 July 2015 Interim accounts Draft 31 July 2015 Tank International Lux S.à r.l. Société à responsabilité limitée 46A, Avenue J.F. Kennedy L-1855 Luxembourg Luxembourg R.C.S. Luxembourg: B 167432 Share capital: EUR

More information

Monaco Corporate Taxation

Monaco Corporate Taxation Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the

More information

Taxand Asia Senior School CONTROLLED FOREIGN COMPANIES

Taxand Asia Senior School CONTROLLED FOREIGN COMPANIES Taxand Asia Senior School CONTROLLED FOREIGN COMPANIES OUTLINE Controlled Foreign Company ( CFC ) - the concept CFC The international scenario A comparative with other jurisdictions CFC and the Indian

More information

Circle Partners. Guide to Investment Funds in Luxembourg. Your true partner to progress

Circle Partners. Guide to Investment Funds in Luxembourg. Your true partner to progress Circle Partners Guide to Investment Funds in Luxembourg Your true partner to progress I Luxembourg Special Investment Funds (SIFs) 1 Advantages of SIFs The SIF is a regulated Luxembourg branded investment

More information

The Reserved Alternative Investment Fund (RAIF) - The best of two worlds?

The Reserved Alternative Investment Fund (RAIF) - The best of two worlds? The Reserved Alternative Investment Fund (RAIF) - The best of two worlds? What is a RAIF? a Luxembourg alternative investment fund ( AIF ) managed by an external authorised Alternative Investment Fund

More information

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

NEW ALTERNATIVE INVESTMENT VEHICLES RISING

NEW ALTERNATIVE INVESTMENT VEHICLES RISING NEW ALTERNATIVE INVESTMENT VEHICLES RISING Niamh Gaffney Senior Manager Tax and Legal Deloitte David Capocci Partner Tax Deloitte Benjamin Toussaint Director Tax Deloitte The alternative investment fund

More information

Securitisation Vehicle (SPV) in Luxembourg

Securitisation Vehicle (SPV) in Luxembourg Securitisation Vehicle (SPV) in Luxembourg I. Concept of securitisation II. Legal Structure of a Securitisation Vehicle (SPV) in Luxembourg 1. Legal form 1.1. Securitisation Company 1.2. Securitisation

More information

Malta: an ideal Holding Company location

Malta: an ideal Holding Company location Malta: an ideal Holding Company location June 2010 TAX Malta a tried-and-tested holding company location Why Malta is a prime EU holding company location Access to Wide treaty network, the EU Parent-Subsidiary

More information

UBS (Irl) Fund plc. Supplement dated 2 July 2015 to the Prospectus dated 27 April 2015

UBS (Irl) Fund plc. Supplement dated 2 July 2015 to the Prospectus dated 27 April 2015 UBS (Irl) Fund plc Supplement dated 2 July 2015 to the Prospectus dated 27 April 2015 This Supplement is part of the English language Prospectus (the "Prospectus") dated 27 April 2015 of UBS (Irl) Fund

More information

WLP LAW. II. The Dutch corporate tax system. INVESTING IN INDIA OR THE UNITED STATES OF AMERICA THROUGH THE NETHERLANDS Tax Alert April 2013

WLP LAW. II. The Dutch corporate tax system. INVESTING IN INDIA OR THE UNITED STATES OF AMERICA THROUGH THE NETHERLANDS Tax Alert April 2013 INVESTING IN INDIA OR THE UNITED STATES OF AMERICA THROUGH THE NETHERLANDS Tax Alert April 2013 i Tel +31 I. (0)88 Introduction 2001300 Cell +31 (0)6 M The Netherlands is an attractive and advantageous

More information

Financial Services Tax Breakfast Briefings

Financial Services Tax Breakfast Briefings Financial Services Tax Breakfast Briefings Current Tax Issues on Debt Funds and Shadow Banking Nick Cronkshaw Mark Sheiham 17 December 2014 Introduction What we re going to cover Background - growth and

More information

Tax Impacts to Structure Investments in Brazil Debt or Equity. Andrea Bazzo Lauletta November 2012

Tax Impacts to Structure Investments in Brazil Debt or Equity. Andrea Bazzo Lauletta November 2012 Tax Impacts to Structure Investments in Brazil Debt or Equity Andrea Bazzo Lauletta November 2012 Introduction Brazilian Scenario for Non-Resident Investments Brazil has a specific set of rules for non-resident

More information

Luxembourg. Luxembourg Generally Accepted Accounting Principles (GAAP) and the Luxembourg Law dated December 8, 1994.

Luxembourg. Luxembourg Generally Accepted Accounting Principles (GAAP) and the Luxembourg Law dated December 8, 1994. Luxembourg International Comparison of Insurance * May 2009 Luxembourg General Insurance Definition Definition of property and casualty insurance company A company operating in the following insurance

More information

Mexico Mergers and acquisitions involving Mexican assets

Mexico Mergers and acquisitions involving Mexican assets p84-88 IM&A - Chevez Rulz 21/03/2013 08:44 Page 84 Mexico Mergers and acquisitions involving Mexican assets by Ricardo Rendon and Layda Carcamo, Chevez, Ruiz, Zamarripa y Cia, S.C. Whenever a corporate

More information

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk Chapter Avbreht, Zajc & Partners Ltd. Ursula Smuk 1 General: Treaties 1.1 How many income tax treaties are currently in force in? 44 income tax treaties are currently in force in. 1.2 Do they generally

More information

PAPER IIA UNITED KINGDOM OPTION

PAPER IIA UNITED KINGDOM OPTION THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2008 PAPER IIA UNITED KINGDOM OPTION ADVANCED INTERNATIONAL TAXATION TIME ALLOWED 3¼ HOURS You should answer FOUR out of the seven questions. Each question

More information

Taxation Dutch resident investors

Taxation Dutch resident investors Taxation Dutch resident investors The effective tax rate on ishares investments depends on the personal circumstances of each shareholder. The content in the following paragraphs is for information purposes

More information

TAX CARD 2015 GREECE. Table of Contents

TAX CARD 2015 GREECE. Table of Contents GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3

More information

Why Spain? Why Austria?

Why Spain? Why Austria? Briefing Overseas investments by Brazilian corporations Summary In this briefing we look at how the Austrian and Spanish domestic tax regimes for holding companies may be relevant when structuring international

More information

SOPARFI-Financial Holding Company in Luxembourg

SOPARFI-Financial Holding Company in Luxembourg SOPARFI-Financial Holding Company in Luxembourg I. Legal structure of a SOPARFI in Luxembourg 1. Concept 1.1. Holding: concept 1.2. Forms of Holding 2. Purpose 3. Formation 4. Legal Form 5. A Luxembourg

More information

Dedicated to Private Equity

Dedicated to Private Equity PRIVATE EQUITY Dedicated to Private Equity A global approach - Luxembourg service offering Why choose KPMG? A focus on what really matters You want people working with you who really understand the challenges

More information

DOING BUSINESS IN GERMANY Overview on Taxation

DOING BUSINESS IN GERMANY Overview on Taxation DOING BUSINESS IN GERMANY Overview on Taxation March 2015 1. Introduction 1.1. Generally, taxes are administered and enforced by the competent local tax office. These local tax offices administer in particular

More information

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS Background A United Kingdom Limited Liability Partnership (LLP) has become a very popular vehicle for international commercial activity. This is because the

More information

Taxation. 1. Individual Taxation in Malta

Taxation. 1. Individual Taxation in Malta Taxation The combination of Malta s tax system and its extensive double tax treaty network (over 50) means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency

More information

Report on compliance of AB S.A. with the Corporate Governance Rules

Report on compliance of AB S.A. with the Corporate Governance Rules Report on compliance of AB S.A. with the Corporate Governance Rules Contents 1. Indication of corporate governance rules applicable to AB S.A.... 3 2. Indication of corporate governance rules which have

More information

Legal Guide to Forming a Corporation in Luxembourg

Legal Guide to Forming a Corporation in Luxembourg Legal Guide to Forming a Corporation in Luxembourg March 2008 Business in the Grand-Duchy of Luxembourg (the GDL ) may be carried out by individual trader(s) or by way of forming a corporate entity, whereby

More information

Investment Structures for Real Estate Investment Funds. kpmg.com

Investment Structures for Real Estate Investment Funds. kpmg.com Investment Structures for Real Estate Investment Funds kpmg.com Contents Investment Structures for Real Estate Investment Funds 01 Who Are the Investors? 02 In What Assets Will the Fund Invest? 03 Will

More information

Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective

Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective Tom Whelan (Partner, Hogan Lovells International LLP) Erin Anderson (Senior Associate, Hogan Lovells International LLP), Camille

More information

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY July 2012 M-10855059-6 IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH PROPERTY FOR FOREIGN INVESTORS

More information

Consolidation requirements in Luxembourg

Consolidation requirements in Luxembourg Consolidation requirements in Luxembourg January 2015 kpmg.lu Table of contents Foreword 1 Undertakings required to draw up consolidated accounts 1 Criteria determining the requirement to draw up consolidated

More information

1. What are the recent tax developments in your country which are relevant for M&A deals?

1. What are the recent tax developments in your country which are relevant for M&A deals? Germany General Germany 1. What are the recent tax developments in your country which are relevant for M&A deals? Germany has recently seen some legislative developments with relevance for M&A deals. The

More information

MALTA Jurisdictional Guide

MALTA Jurisdictional Guide MALTA Jurisdictional Guide GENERAL INFORMATION The Republic of Malta is situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya. Malta gained its independence from

More information

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014 International Tax Spain Tax Alert 2 December 2014 Corporate tax reform enacted Contacts Brian Leonard bleonard@deloitte.es Francisco Martin Barrios fmartinbarrios@deloitte.es Elena Blanque elblanque@deloitte.es

More information

INVESTMENT DICTIONARY

INVESTMENT DICTIONARY INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and

More information

A company operating in the following insurance branches:

A company operating in the following insurance branches: International comparison omparison of insurance taxation Luxembourg General insurance overview verview Definition Definition of property and casualty insurance company A company operating in the following

More information

Luxembourg Private Equity and Venture Capital Investment Vehicles

Luxembourg Private Equity and Venture Capital Investment Vehicles Luxembourg Private Equity and Venture Capital Investment Vehicles 2 3 CONTENTS 4 FOREWORD 5 THE PRIVATE EQUITY INDUSTRY IN LUXEMBOURG 6 OVERVIEW OF AVAILABLE STRUCTURES 18 THE INVESTMENT COMPANY IN RISK

More information

Report on the compliance of AB S.A. with the corporate governance rules

Report on the compliance of AB S.A. with the corporate governance rules Report on the compliance of AB S.A. with the corporate governance rules Contents 1. Indication of corporate governance rules applicable to AB S.A.... 3 2. Indication of corporate governance rules which

More information

Country Tax Guide. www.bakertillyinternational.com

Country Tax Guide. www.bakertillyinternational.com www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which

More information

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income. Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl

More information

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend

More information

Regulation of Investment Funds in the Cayman Islands

Regulation of Investment Funds in the Cayman Islands Regulation of Investment Funds in the Cayman Islands Contents Preface 2 1. Licensed Funds 3 2. Administered Funds 3 3. Registered Funds 4 4. Exempted Funds 4 5. Proceeds of Crime Law 5 6. Continuing Obligations

More information

Expanding into Brazil

Expanding into Brazil Expanding into Brazil Support for your Business kpmg.ie Expanding into Brazil 1 Are you looking to expand your business into Brazil? Dynamic Irish businesses are looking to new markets to expand and grow.

More information

Luxembourg. Real Estate Investment Vehicles. real estate

Luxembourg. Real Estate Investment Vehicles. real estate Luxembourg Real Estate Investment Vehicles real estate why luxembourg? Political, legal and fiscal stability State-of-the-art legal and regulatory environment High regulatory and investor protection standards

More information

Country Tax Guide.

Country Tax Guide. Country Tax Guide www.bakertillyinternational.com Country Tax Guide Germany Corporate Income Taxes Resident companies, defined as companies which are legally constituted in Germany, or which are legally

More information

A turn-key Luxembourg fund solution: the EFG Global Sicav SIF platform

A turn-key Luxembourg fund solution: the EFG Global Sicav SIF platform EFG Global Sicav SIF - Specialised Fund Fact sheet A turn-key Luxembourg fund solution: the EFG Global Sicav SIF platform The EFG Globall Sicav Specialised Fund (SIF) is a multi-manager platform designed

More information

Switzerland Taxation

Switzerland Taxation Switzerland HEDGE FUNDS 2010 Hedge fund managers/advisors Tax rates applying to hedge fund managers/advisors Most Swiss hedge funds are legally set-up as contractual funds with a fund of funds structure.

More information

Business Luxembourg Company Formation

Business Luxembourg Company Formation Business Luxembourg Company Formation Legal forms Public Limited Company (PLC., Corp./SA) Limited Liability Company (LLC., Ltd./SARL) Partnership Limited by Shares (SCA) Limited Partnership (LP./SCS) General

More information

Holding companies in Ireland

Holding companies in Ireland Holding companies in Irel David Lawless Paul Moloney Dillon Eustace, Dublin Irel has long been a destination of choice for holding companies because of its low corporation tax rate of 12.5 percent, participation

More information

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited

More information

STATEMENT OF POLICY REGARDING CORPORATE SECURITIES DEFINITIONS

STATEMENT OF POLICY REGARDING CORPORATE SECURITIES DEFINITIONS STATEMENT OF POLICY REGARDING CORPORATE SECURITIES DEFINITIONS Adopted April 27, 1997; Amended September 28, 1999 & March 31, 2008 I. INTRODUCTION This Statement of Policy Regarding Definitions applies

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements December 31, 2015 (in thousands)

Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements December 31, 2015 (in thousands) Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements (in thousands) February 9, 2016 Independent Auditor s Report To the Shareholders of Bentall Kennedy Prime Canadian Property

More information

Luxembourg Collective Investment Vehicles

Luxembourg Collective Investment Vehicles Luxembourg Collective Investment Vehicles Legal Regime and Features in a Nutshell TYPES OF COLLECTIVE INVESTMENT VEHICLES AVAILABLE IN LUXEMBOURG UCITS stands for Undertakings for Collective Investment

More information

Cayman Islands Unit Trusts

Cayman Islands Unit Trusts Cayman Islands Unit Trusts Introduction A unit trust is a special kind of trust which, in addition to being subject to the laws governing trusts, is also subject to the laws governing mutual funds. A unit

More information

1. What are recent tax developments in your country which are relevant for M&A deals?

1. What are recent tax developments in your country which are relevant for M&A deals? Netherlands General Netherlands 1. What are recent tax developments in your country which are relevant for M&A deals? Most recent tax developments in the Netherlands are based on the OECD (BEPS) and EU

More information

.Luxembourg law. The on Specialised Investment Funds

.Luxembourg law. The on Specialised Investment Funds .Luxembourg law The on Specialised Investment Funds February 2010 Table of contents 1. Introduction...3 2. How are SIFs defined?...3 3. What makes SIFs attractive?...3 4. Who can invest?...5 5. Is there

More information

To: Bogart From: Tax Advisor Re: US Income Tax consequences arising on receipt of certain income

To: Bogart From: Tax Advisor Re: US Income Tax consequences arising on receipt of certain income Question 1 Part 1 To: Bogart From: Tax Advisor Re: US Income Tax consequences arising on receipt of certain income Further to your request for advice in respect of the above, I have outlined below the

More information

FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS

FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS Chapter 10 FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS Daniel Cassidy 1 10.1 INTRODUCTION Foreign companies with U.S. business transactions face various layers of taxation. These include income, sales,

More information

Israeli Tax Reform of 2005

Israeli Tax Reform of 2005 Israeli Tax Reform of 2005 The Israeli Parliament approved on July 25, 2005 the proposed income tax reform legislation (the Tax Reform ) pursuant to the recommendations of a committee appointed by the

More information

Australia Tax Alert. Investment manager regime bill introduced into parliament. Overview of proposed requirements for IMR exemption.

Australia Tax Alert. Investment manager regime bill introduced into parliament. Overview of proposed requirements for IMR exemption. International Tax Australia Tax Alert Contacts David Watkins dwatkins@deloitte.com.au Vik Khanna vkhanna@deloitte.com.au Mark Hadassin mhadassin@deloitte.com.au Julian Cheng julicheng@deloitte.com 28 May

More information

www.ag.ch/steuern 1 of 10

www.ag.ch/steuern 1 of 10 Date of issue 1 st January 2011 DEPARTMENT OF FINANCE AND RESOURCES Cantonal Tax Administration Modifications Valid as of 2007 LEAFLET Contents 1. Holding Companies...2 1.1 Legal Bases...2 1.2 General...2

More information

Key Investment Terms of Tekes Venture Capital Model Limited Partners Agreement (the model LPA) Subject Description Notes Structure

Key Investment Terms of Tekes Venture Capital Model Limited Partners Agreement (the model LPA) Subject Description Notes Structure 1(11) Key Investment Terms of Tekes Venture Capital Model Limited Partners Agreement (the model LPA) Disclaimer The Key Investment Terms set forth herein is are a summary of the key terms of the Tekes.vc

More information

CROSS-BORDER HANDBOOKS www.practicallaw.com/employeeshareplanshandbook 115

CROSS-BORDER HANDBOOKS www.practicallaw.com/employeeshareplanshandbook 115 Labour and Employee Benefits 2008/09 Volume 2: Employee Share Plans Portugal Portugal Pedro Guimarães and Abel de Barbosa Mendonça F. Castelo Branco & Associados www.practicallaw.com/9-383-0053 General

More information

Slovakia Regulation FUNDS AND FUND MANAGEMENT 2010. 2.1 Type of funds. An open-ended mutual fund. A closed-ended mutual fund. Special mutual fund:

Slovakia Regulation FUNDS AND FUND MANAGEMENT 2010. 2.1 Type of funds. An open-ended mutual fund. A closed-ended mutual fund. Special mutual fund: Slovakia Regulation FUNDS AND FUND MANAGEMENT 2010 2.1 Type of funds The following types of funds may be formed under Slovak law: An open-ended mutual fund A closed-ended mutual fund Special mutual fund:

More information

Belgium: Tax treatment of immigrating taxpayers

Belgium: Tax treatment of immigrating taxpayers Belgium: Tax treatment of immigrating taxpayers IFA Congres Madrid 30 May 2014 Marc Vandendijk Tax Lawyer VANDENDIJK & PARTNERS Rue Edith Cavellstraat 66 1180 Brussels Tel.: + 32 (0)2.343.33.45 E-MAIL:

More information

Corporate tax relief in Switzerland. Edition 2008

Corporate tax relief in Switzerland. Edition 2008 Corporate tax relief in Switzerland Edition 2008 Contents 3 Introduction Taxes in Switzerland 4 1. Qualifying Dividends and Capital gains 5 2. Newly established companies (tax holiday) 6 3. Holding companies

More information

G E N C S V A L T E R S L A W F I R M B A L T I C T A X C A R D 2 0 1 5

G E N C S V A L T E R S L A W F I R M B A L T I C T A X C A R D 2 0 1 5 CORPORATE INCOME TAX IN BALTICS Corporate Income Tax Rates in Baltics Country Standard rate Decreased rate Transfer of loses to next periods Latvia 15% 11% microenterprises Unlimited Lithuania 15% Estonia

More information

INVESTING IN REAL ESTATE IN FRANCE

INVESTING IN REAL ESTATE IN FRANCE INVESTING IN REAL ESTATE IN FRANCE Maître Laurent VERDES Attorney-at-Law at the Paris Bar - Partner Couturier-Massoni AARPI 23, avenue Bosquet 75007 Paris - France lverdes@couturier-massoni.com Tel: +

More information

China issues new indirect equity transfer rules

China issues new indirect equity transfer rules from International Tax Services China issues new indirect equity transfer rules February 24, 2015 In brief China s State Administration of Taxation (SAT) released new rules regarding offshore indirect

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

India s 2016 budget affects foreign investors and multinational enterprises

India s 2016 budget affects foreign investors and multinational enterprises from International Tax Services India s 2016 budget affects foreign investors and multinational enterprises March 9, 2016 In brief The Indian Finance Minister on February 29, 2016, presented the 2016 budget,

More information

July 2014. Handbook of Prudential Requirements for Investment Intermediaries. Page 0 of 12 Page 0 of 12

July 2014. Handbook of Prudential Requirements for Investment Intermediaries. Page 0 of 12 Page 0 of 12 July 2014 Handbook of Prudential Requirements for Investment Intermediaries Page 0 of 12 Page 0 of 12 Handbook of Prudential Requirements for Investment Intermediaries Contents Table of Contents Introduction

More information

COLLECTIVE INVESTMENT FUNDS (CERTIFIED FUNDS PROSPECTUSES) (AMENDMENT) (JERSEY) ORDER 2013

COLLECTIVE INVESTMENT FUNDS (CERTIFIED FUNDS PROSPECTUSES) (AMENDMENT) (JERSEY) ORDER 2013 Collective Investment Funds (Certified Funds Prospectuses) (Amendment) (Jersey) Order 2013 Article 1 COLLECTIVE INVESTMENT FUNDS (CERTIFIED FUNDS PROSPECTUSES) (AMENDMENT) (JERSEY) ORDER 2013 Made Coming

More information

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates Sri Lanka Accounting Standard-LKAS 28 Investments in Associates -690- Sri Lanka Accounting Standard-LKAS28 Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates is set

More information

Tax Amsterdam. Cash Pooling. Efficient working capital funding

Tax Amsterdam. Cash Pooling. Efficient working capital funding Tax Amsterdam Cash Pooling Efficient working capital funding Cash Pooling in the Netherlands: tax, transfer pricing and legal aspects More and more multinational enterprises (MNEs) set up cash pools to

More information

How to qualify as a uk-reit

How to qualify as a uk-reit REITS REAL ESTATE INVESTMENT TRUSTS How to qualify as a uk-reit Chris Luck & Michael Cant, Nabarro LLP The UK-REIT regime The UK-REIT regime is set out in Part 4 of the Finance Act 2006 (as updated by

More information

SETTING UP IN. France FACTS & FIGURES

SETTING UP IN. France FACTS & FIGURES SETTING UP IN France FACTS & FIGURES 02 NIS Global is an international group of independent accounting and advisory firms set up to provide mutual clients with support as they establish and maintain operations

More information

LSP Advisory B.V. Report on the first half of 2013

LSP Advisory B.V. Report on the first half of 2013 LSP Advisory B.V. Report on the first half of 2013 LSP Advisory B.V. Financial statements for the period January until June 2013 Table of contents Financial report Balance sheet as at 30 June 2013 2 Income

More information

The positioning of Cyprus as a leading international business centre has been

The positioning of Cyprus as a leading international business centre has been European directive helps The incorporation into local law of the EU merger directive has created the possibility of tax-neutral international mergers using, explains Sophie Stylianou of Eurofast Taxand

More information

Application Processing Monitoring the processing of the application with the regulator, and liaising with the parties involved

Application Processing Monitoring the processing of the application with the regulator, and liaising with the parties involved Investment Funds The use of foreign companies for investment fund activities is a widely spread practice amongst international investors. Abacus offers a comprehensive solution for investment funds and

More information