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.

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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 comments on the EC’s public consultation on Omnibus on Taxation

The Commission’s initiative to simplify EU law in direct taxation, with its focus on reducing administrative burdens, eliminating outdated/overlapping rules, and improving consistency and application across Member States, is urgently needed to ensure the EU's competitiveness.

Policy Position