Financial Services Newsletter

• Austria: Changes in the taxation of investment income by way of the Austrian tax reform 2022
• China: Green channel for foreign loans to high-tech firms
• Czech Republic: Taxation of cryptocurrencies & required capital of self-governed investment funds
• Finland: Exit tax proposed for individuals
• France: French Supreme Tax Court validates the possibility of charging foreign tax credits on the share of costs and expenses on dividends
• Germany: ECJ judgement in the case “ACC Silicones” - C-572/20 & draft administrative guidance on duties of cooperation related to crypto assets & new regulation on crypto fund units
• Indonesia: Taxation of crypto asset transactions, new regulation as of 30 March 2022
• Italy: Important update on WHT reclaims due to recent Supreme Court decisions Poland: Interest on overpaid WHT for third-country investment and pension funds - SAC requests CJEU
• United Kingdom: Sovereign immunity from direct taxation, Investment Management Exception, qualifying asset holding companies regime

Argentina: Summary of recent tax news relevant to the FS industry
Belgium: Luxembourg treaty exemption for the Annual Tax on Securities Accounts at risk?
Finland: CJEU dated 7 April 2022 (C-342/20): Finnish WHT exemption in conflict with free movement of capital &
Finland: Finnish Tax Administration reveals malicious companies set up for tax evasion “as a service”
France: Intra-group interest – improvement for taxpayersGermany: Final administrative decree on crypto assets & Decision in ECJ case C-641/17 & “CPP” & Federal Tax Court on cum-/ex-transactions
Italy: Tax ruling on WHT exemption and foreign investment funds (dated 30 March 2022)
Poland: Two Supreme Administrative Court decisions on cryptocurrencies and interest on overpayment
United Kingdom: Changes to Economic Crime Act 2022 & Plans of HMRCs Business Risk Review & Crypto asset developments & Changes to the US Qualified Intermediary Agreement

Hot topic: ECJ landmark decision in the case C-545/19 (AEVN) dated 17 March 2022
Hot topic: OECD Commentary on Pillar Two
Austria: Supreme Administrative Court on foreign Trusts
Belgium: New fund type – Belgian ELTIF
Belgium: WHT reclaim
China: Change in taxation of equity investments
Czech Republic: New Czech government & increase of interest rate
France: Tax measures on gains from the sale of digital assets
Germany: Economic ownership and securities lending & WHT on crypto fund units
Netherlands: Government proposal to curb dividend stripping
Poland: Supreme Administrative Court on beneficial ownership & Indirect transactions with tax havens
Sweden: WHT for pension funds & VAT treatment of interchange fees in Sweden
UK: HMRC on Implementation of Pillar Two, ISA compliance and Uncertain Tax Treatment & Review of UK funds regime

Recent EU developments with respect to WHT
Argentina: Tightening of the foreign exchange control framework, increase of Corporate Income Tax, taxation of crypto currencies, & Supreme Court decision on interest deduction
Austria: Draft bill on new Austrian tax regime for crypto currencies published  
Czech Republic: Act on Investment Companies and Investment Funds & Green Tax  
Finland: CJEU Advocate General Opinion (C-342/20) on tax exemption criteria designed for contractual funds & Changes to the interest deduction limitation rules 
France: VAT option for banking and financial services (draft bill) 
Germany: Impact of recent Coalition Agreement on the FS industry, Revised CFC rules & Introduction of check the box regime 
India: Taxation of Dividend income 
Ireland: The taxation of crypto currency in Ireland 
Netherlands: Court decisions on German real estate investment fund with Dutch real estate income & Dividend tax refund for UK pension fund 
Poland: Polish Deal – selected WHT issues (incl CIVs) 
Slovenia: Taxation of crypto currencies 
Sweden: Proposed tax on credit institutions & Postponement of new WHT Act 
Switzerland: Reform of Swiss WHT regime & New legal framework on implementation of international tax agreements 

Germany: Introduction of crypto fund units
Austria: New CJEU decision on VAT exemption
Belgium: Investment funds and the new annual tax on securities accounts
Denmark: Fidelity Funds and 24 June 2021 Supreme Court (Update) – Beneficial ownership – Tax Havens
Finland: Government Budget Proposal – Supreme Administrative Court on taxation of carried interest
Germany: Administrative guidance on securities lending transactions
Hungary: New taxation rules for crypto assets
Ireland: Share Schemes in the Irish Tax System
Italy: Tax exemption on interest from medium / long term loans paid to foreign investment funds – Tax regime of interests on loan granted to Italian tax resident persons by non-resident banks
Luxembourg: Refund of Luxembourg dividend WHT and proof of beneficial ownership
Poland: Polish Deal – WHT scheme, holding companies and VAT option
Switzerland: Substantial reform of Swiss WHT and Stamp Tax

WHT reclaim – CJEU Case C-545/19 (“AEVN”) – Update
Belgium: New annual tax on securities accounts introduced
Czech Republic: Taxation of capital gains of German and Liechtenstein tax residents
Denmark: Danish High Court (Landsretten) issues two rulings in beneficial ownership on dividends
Finland: Taxation of crypto assets
France: The new French-Luxembourg tax treaty: comments from the French tax authorities
France: Consequences of the Brexit on direct tax in France
France: E-Invoicing & E-Reporting obligations in France
Germany: Upcoming legislation on crypto assets, new fund types, WHT reclaims and ATAD
India: Tax incentives set to attract global investors
Encashment Tax in Ireland – a recent amendment
Italian tax exemption on dividends paid to foreign investment funds
Luxembourg: New guidance on DTT mutual agreement procedure
Dutch Supreme Court of 9 April 2021 regarding Dutch dividend WHT refund claims
Polish WHT landscape – uncertainty and abeyance since 1 January 2019
Spain: Supreme Court on WHT exemption for sovereign wealth funds
Sweden: Crypto assets
Spring 2021: Reshaping UK‘s tax landscape

Denmark: New model for dividend taxation in Denmark
Finland: Changes to legislation regarding nominee-registered shares
France: French WHT on dividends paid to foreign investment funds
Germany: Digitalization of tax law and tightening of WHT process
Italy: WHT exemption on interest paid to UK [mutual] investment funds (after Brexit): Italian Revenue Agency Ruling n. 125, 24 February 2021
Netherlands: Developments regarding WHT on portfolio dividends
Portugal: Tax litigation associated with WHT on dividends obtained by EU pension funds
Spain: Resolutions of Central Economic Administrative Court, of 8 October 2019
UK’s funds regime to be overhauled