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

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.

Policy position

Tax ＆ Accounting

Accounting

27 January 2022

IASB’s request for information post-implementation review (PIR) of IFRS 9 – Classification and measurement

EFAMA replied to IASB’s request for information on the Post-Implementation Review (PIR) of IFRS 9 – Classification and measurement. Our paper recaps EFAMA’s key concerns and recommendations to the IASB. The key concerns of the industry are the removal of recycling (in particular for institutional investors) and the classification of investment entities and investment funds as debt instruments.

Policy Position

Person looking at a laptop screen with lots of data

Tax ＆ Accounting

07 October 2021

EFAMA comments on the European Commission’s public consultation on DEBRA

The Commission aims to present a legislative proposal to address the tax-induced debt-equity bias, also to support the action plan for the Capital Markets Union and to encourage companies to finance their investment through equity contributions rather than through debt financing.

Council of the EU votes to improve withholding tax rules

A significant step forward taken to remove tax barriers to the CMU

Policy Position

People with their hands on a table each holding a piece of a puzzle

Tax ＆ Accounting

19 August 2022

OECD Progress Report "Amount A of Pillar One"

EFAMA welcomes the OECD's work on Schedule C: Exclusion of Revenues and profits from Regulated Financial Services from the scope of Pillar One, in particular the amendments to the definition of “Asset Manager", licensing asset management as a business, the level of regulaton and the activities list.

Policy Position

hands typing on a laptop on a backdrop of the words Tax and Dollar sign

Tax ＆ Accounting

29 July 2022

EFAMA Comments Debt-Equity Bias Reduction Allowance (DEBRA)

EFAMA supports the Commission’s efforts to encourage more companies to finance their investment through equity contributions rather than debt financing.

The Commission decided to follow a policy option that will enable the deductibility of an allowance on equity financing costs complemented by a rule to limit the deductibility of interest on debt financing instruments.

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Related publications

Publication

Capital Markets

Data

EU Fund regulation

Management Companies

AIFMD

Tax ＆ Accounting

26 November 2020

Asset Management in Europe - An Overview of the Asset Management Industry - November 2020

The report aims to provide a unique and comprehensive set of facts and figures on the state of the industry at the end of 2018 but also to highlight the fundamental role of asset managers in the financial system and wider economy.

Publication