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 Comments European Commission’s public consultation on EU Digital Levy

Tax ＆ Accounting

13 April 2021

European Commission consultation on EU Digital Levy

The Commission launched a public consultation ahead of the presentation of a legislative proposal to introduce an EU Digital Levy by January 2023. For EFAMA, any new tax legislation on “digital activities” (or “digital transactions”) should not be borne by the end-investors. Our understanding is that the industry’s activities should not be in scope of the new tax.

Policy position

EFAMA Comments on OECD Reports on Pillar One and Pillar Two Blueprints

Tax ＆ Accounting

14 December 2020

EFAMA Comments OECD Reports on Pillars One and Two Blueprints

The fund and asset management industry is a highly regulated industry operating under significant and specific legal, regulatory, transfer pricing and tax frameworks.

Pillar 1: Investment funds are structured as tax neutral investment pooling vehicles as a matter of
public policy.

Pillar 2: The role that investment funds play in providing investors with a diversified portfolio and global market access is essential.

Policy position

Tax ＆ Accounting

Accounting

30 September 2020

EFAMA Comments IASB Primary Financial Statements Exposure Draft

EFAMA comments the IASB's Exposure Draft (ED/2017/7). It supports IASB's efforts to improve consistency in the layout of the primary financial statements and the relevance of financial statements.

Proposals around new defined sub-totals and line items will improve consistency and will assist in the implementation of electronic reporting format initiatives.

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.