Financial Services Newsletter

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

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)

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

Hot Topic: Germany - Landmark decision: Good news for foreign investment funds seeking to recover German WHT

Hot Topic: Sweden and WHT reclaims: CJEU GA Opinion in favor of Finnish pension institution

China: Further encouragement for QFLP’s inbound investment and financing

Finland: The Supreme Administrative Court requests CJEU preliminary ruling on the application of VAT Directive on financial services

Germany:

      German Tax Law and Regulatory Implications on Crypto Investments via Investment Funds;

      Germany intends to launch 200 bn Euro pension fund;

      Real Estate funds - significant tax law changes enacted

Italy: The Italian Investment Management Exemption law: new implementing rules

Luxembourg: The Luxembourg Administrative Court's Interpretation of Loan vs. Equity Characteristics

United Kingdom: 2024 UK Spring Budget

Australia: Commitment to Pillar Two; Thin capitalisation

Austria: Foreign (US) investment funds - Austrian Supreme Administrative Court files ECJ ruling request - US fund and WHT (2013/2014)

Czech Republic: Changes in corporate income tax

Finland: Real estate - modifications to transfer taxation

France:

New regime for the set-up of a captive reinsurance company;

Latest key French VAT updates

French WHT on dividends - Banking institutions and beneficial ownership

Germany:

VAT exemption for the management of AIFs

Foreign insurance company - Cologne fiscal court grants reduction of German WHT to 0%.

India: Real Estate Investment Trusts (‘REITs’) - Fractional Ownership Platforms (‘FOPs’) 

Luxembourg: New tax treaty between Luxembourg and the United Kingdom

Poland: Foreign funds - Top tax court decision regarding interest on overpaid WHT (Case No. II FSK 2108/20); Home loans in Swiss currency - Banks hit by top tax court decision; WHT on insurance services - Tax authorities change their approach

Portugal: The VAT exemption applicable for management companies: An opportunity for businesses?

Serbia: Alternative Investment Funds (AIFs) from a Serbian perspective

United Kingdom: 2023 UK Autumn Statement

Belgium & The Netherlands: New double tax treaty with impact on FS industry

China: Tax incentives rolled out to boost capital investments

Germany: New tax developments regarding FS-related matters

Hungary: Approval of new tax package

India: Angel Tax implications for non-residents

Poland: Beneficial owner in recent case law of Supreme Administrative Court; CJEU judgment dated 9 June 2023 concerning interest on tax overpayments declared due to incompatibility between national law and EU law; Tax exemption based on PS Directive vs. effective taxation of dividend's beneficial owner in home country; Finance Ministry publishes draft guidance on WHT

Serbia: Implementation of law on digital assets

Sweden: Update on the new Swedish Withholding Tax Act

The Netherlands: Legislative proposals for Real Estate and Financial Services industries arising from Dutch Budget Day

United Kingdom: Stamp Duty and SDRT Changes
 

• Finland: German AIF - Special investment fund (real estate) with one direct unitholder deemed tax exempt for income tax purposes in Finland


• France: WHT treatment of manufactured dividends


• Germany: Good news for non-resident real estate (and securities) investment funds (CJEU dated 27 April 2023, "L-Fund")


• India: Establishment of the first International Financial Services Centre ("IFSC")


• Indonesia: VAT on sale of seized collateral


• Spain: The Supreme Court declares the existence of discrimination in the taxation of non-resident hedge funds when receiving dividends from Spanish companies


• United Kingdom: Initiatives arising from the "Tax Administration and Maintenance Day" and the Spring Budget; The Qualifying Asset Holding Company ("QAHC") regime

 

• Hot Topic: Foreign investors in US real property interest – Final regulations on FIRPTA tax exemption for Qualified Foreign Pension Funds (QFPF) issued)
   
• Austria: Married couples are not entitled to apply jointly for refund of capital gains tax
   
• Belgium: Possibility for non-resident investment funds to reclaim Belgian source tax (incl. WHT); Dividends; Interest payments; Belgian real estate income
   
• Denmark: Danish Supreme Court (Højesteret) issues final judgement in the beneficial owner cases on dividends
   
• Finland: Recent Finnish case law considering the tax (WHT) exemption of foreign investment funds
   
• France: An opportunity of tax refund for foreign life insurance companies receiving French source dividends; Quick insight into key VAT measures expected for 2023 and 2024
   
• Germany: International Private Equity funds, the return of capital and German fund investors
   
• India: Key tax proposals arising from the Union Budget
   
• Italy: The Italian Investment Management Exemption: a new safe harbor for asset manager of foreign investment vehicles
   
• Philippines: WHT on Income of Foreign Investors in Philippine Securities
   
• Poland: Reference for preliminary ruling on Polish CIT exemption for self-managed foreign investment funds; Finance Minister's public tax ruling on disclosure duties of real estate companies
   
• Portugal: ECJ rules that marketing of shares in common funds falls within the scope of the Council Directive concerning indirect taxes on the raising of capital(Case C-656/21)
   
• Sweden: Three Finnish public sector pension institutions may be comparable with the Swedish AP funds and be granted a refund of WHT levied on dividend income
   
• United Kingdom: UK IME Investment Transactions List updated with crypto assets

Sub-participations in loans - ECJ judgement of 6 October 2022 (C-250/21)

Consequences of the Cum-Ex-Trades on WHT refund and relief in Austria

The Belgian Constitutional Court decides on the annual tax on securities accounts (ATSA)

Additional taxes for the Belgian financial sector and snowball effect for Belgian regulated investment companies (tax-on-tax)

Reclaim opportunity re Belgian WHT for Luxembourg SICAVs

China: Tax audits on private wealth

Czech Republic: Windfall tax

Draft bill to improve attractiveness of Germany as a Financial Services location

Germany: Court decision: taxation of realized capital gains from fund units in the context of the 2018 tax reform

Italian Tax authorities rule on VAT and income taxes on mining activity

Poland: Changes to banking tax

Changes on Spanish SICAVs

United Kingdom: Autumn Statement 2022 impacts financial institutions

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