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Global Financial Services

#3/2025

WTS Financial Services

Newsletter

News from twelve European countries with a focus on the international Financial Services industry

#2/2025

WTS Financial Services

Newsletter

News from seven countries with a focus on the international Financial Services industry

#1/2025

WTS Financial Services

Newsletter

News from nine countries with a focus on the international Financial Services industry

#3/2024

WTS Financial Services

Newsletter

News from eight countries with a focus on the international Financial Services industry

News from twelve European countries with a focus on the international Financial Services industry

Hot Topic: Germany - Regulated investmend funds: New draft bill increases certainty

Austria: ECJ largely confirms Austrian legislation denying WHT redunf to foreign CIVs

China: VAT resumed on bonds interest income - QFII exemption uncertain after 2025

India: IFSC in focus - Tax exemption for non-residents on derivate profits in IFSC

Indonesia: The tax treatment of crypto assets in Indonesia

Luxembourg: Proposal regarding major enhancements to carried interest regime

Luxembourg: New Circular clarifies the definition of a “collective investment vehicle” for the purpose of its carve-out from the reverse hybrid rules

Poland: Finance Minister's guidance of 3 July 2025 regarding the use of beneficial owner test for WHT purposes

Republic of Korea: Foreign investors and multinational enterprises – Impact of key 2025 Korean tax reform proposals

Singapore: Substance at the top- IRAS pragmatic take on SPVs and investment funds

Spain: CJEU to rule on WHT discrimination of investment funds resident in the U.S. investing in Spain

Taiwan: Update – Financial Services news 2025 for Foreign Institutional Investors

The Netherlands: European Commission Challenges Dutch Dividend Tax Reduction Scheme: Implications for Investment Funds
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News from seven countries with a focus on the international Financial Services industry

Hot Topic: Pension Funds, Taxation and the Free Movement of Capital of the EU

Belgium: Investment Funds and Belgian subscription tax under the Belgium-Luxembourg DTT - important recent case law

Finland: Supreme Administrative Court Seeks CJEU Ruling on VAT Exemption on Post-Sale Loan Management Services

Finland : Supreme Administrative Court considered the right of financial operators to a VAT refund to be broader than the express wording of the national VAT Act

Poland: Important CJEU's decision on Luxembourg's internally managed investment funds

Singapore: Budget 2025: Tax Measures for Financial Services

Spain: WHT on dividends - CJEU ruling dated 19 December 2024

The Netherlands: Key Changes for Foreign Investors due to Dutch Fund Decree 2025
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News from nine countries with a focus on the international Financial Services industry

Hot Topic: France & The Netherlands: Foreign insurance companies and Dutch WHT on dividends - recent CJEU judgement C-782/22

Czech Republic: News on crypto-assets and employee shares

Germany: First WHT refund granted to foreign investment fund in Germany

Norway: New decision on refund of withholding tax for US RIC

Poland: Directive-based WHT exemptions for dividends, interest and royalties

Serbia: Does Serbia’s tax policy foster foreign investment or create barriers? Local taxation rules for portfolio investors

Singapore: Updates to Singapore’s tax incentive schemes for funds

United Kingdom: HMRC’s transfer pricing guidelines for compliance (GfC)
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News from eight countries with a focus on the international Financial Services industry

Hot Topic: Sweden: CJEU judgement KEVA - Swedish WHT on dividends and foreign pension institutions

Hot Topic: The Netherlands: The Netherlands and dividend WHT - EU Commission initiates infringement procedure

Finland: CJEU ruling in case Keva (C-39/23) - Comment from the Finnish perspective

Germany: Securities funds and German WHT - Two important German High Fiscal Court decisions

Poland:

Amendments to the Polish Tax Code regarding interest on overpayments resulting from CJEU's judgment

Opinion of Advocate General Kokott in case C-18/23, 11 July 2024: Polish CIT exemption for self-managed foreign investment funds

VAT exemption for bonds contributed by investment fund as capital into a company in exchange for shares

Portugal: New tax regime for loan funds - A milestone for Portuguese financial sector

Serbia: Exemption from capital gains tax on the transfer of copyright and related rights and industrial property rights

South Korea: South Korea ramps up its effort to increase foreign investors trading volume in its bourses through easing tax regulation starting from 2024

Sweden: Swedish WHT on dividends to foreign public pension funds constitutes a prohibited restriction of the free movement of capital (C-39/23 Keva et al v. Skatteverket)

United Kingdom:

The end of the LLP for fund managers?

Taking up the carried interest tax change challenge
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