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

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year

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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.

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.

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.