Taxation & Accounting

EFAMA discusses all relevant tax topics with importance to the European asset management industry, such as Tax transparency packages or EU FTT, OECD topics including several actions inserted in the Base Erosion and Profit Shifting (BEPS) project, and all kinds of national developments in case they have an impact on regulated EU investment funds. The focus lays on mainstream funds but we may discuss alternative investment fund tax-related issues, if they are of broad relevance.

Related policy positions

Policy Position

Tax ＆ Accounting

27 August 2021

Consultation on the use of shell entities and arrangements for tax purposes

The Commission is trying to understand how the EU legal framework could be improved to tackle the use of legal entities with no or minimum substance and no real economic activities, by taxpayers operating cross-border to reduce their tax liability.

Policy Position

Tax ＆ Accounting

Accounting

11 May 2021

EFAMA's reply to IASB's Request for Information on the Post-implementation Review (PIR) of IFRS 10, 11 and 12

EFAMA replied to IASB’s Request for Information on the Post-Implementation Review of IFRS 10, 11 and 12. We are delighted to see an investment entity within the funds industry being acknowledged and catered for in IFRS. The development of the consolidation standards was a very welcomed development in the asset management world.

Policy position

Tax ＆ Accounting

VAT

03 May 2021

VAT rules for financial and insurance services today and tomorrow

EFAMA commented on the current VAT rules for financial services and their functioning, as well as on possible changes to these rules, in a public consultation of the European Commission.

EFAMA replied to the OECD Pillar One – Amount A: Regulated Financial Services Exclusion public consultation

EFAMA replied to the OECD Pillar One – Amount A: Regulated Financial Services Exclusion public consultation. Aiming to change the views of those members of the OECD/IF that still maintain that asset managers should not be excluded from Amount A.

In this comment paper, EFAMA is taking the opportunity to:

Policy Position

EFAMA's comments on EC’s Pillar Two proposal

Tax ＆ Accounting

08 April 2022

EFAMA's comments on EC’s Pillar Two proposal

With the release of this proposal, the Commission is replicating the OECD / BEPS Inclusive Framework (OECD) Pillar Two Global Anti-Base Erosion (GloBE) Model Rules that came live in December 2021 and addresses how Member States will implement them in a coherent and consistent way across the EU. The work of the Commission and the alignment with the work of the OECD / BEPS Inclusive Framework are to be welcomed.

Policy Position

EFAMA's comments on EC’s Un-Shell proposal

Tax ＆ Accounting

08 April 2022

EFAMA's comments on EC’s Un-Shell proposal

EFAMA fully supports the Commission’s initiatives to fight tax avoidance and aggressive tax planning. The work of the technical teams that acknowledged our industry’s special requirements and the proposal of carve-out rules to protect investment structures and end-investors are, to a certain extent, to be welcomed.