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

Topic

year

Keywords

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.

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.

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.

Policy Position

International agenda

Tax ＆ Accounting

23 May 2022

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:

all news

Related publications

Topic

year

Keywords

Publication

Capital Markets

Capital Markets Union

Competitiveness

Data

Distribution ＆ Client Disclosures

EU Fund regulation

International agenda

Management Companies

Pensions

Stewardship

Supervision

Sustainable Finance

Tax ＆ Accounting

11 June 2020

Annual Review June 2019-June 2020

"It gives me great pleasure to provide you with an overview of our activities since our Annual General Meeting in Paris last year. While we were very much looking forward to hosting you all in Brussels this week, the current crisis and associated travel restrictions has forced us to improvise and turn our meeting into a virtual AGM.

Publication

Capital Markets

Capital Markets Union

Competitiveness

EU Fund regulation

International agenda

Management Companies

Sustainable Finance

Tax ＆ Accounting

17 September 2019

Asset Management Report 2019

The EFAMA Asset Management in Europe report aims at providing facts and figures to gain a better understanding of the role of the European asset management industry. It takes a different approach from that of the other EFAMA research reports, on two grounds. Firstly, this report does not focus exclusively on investment funds, but it also analyses the assets that are managed by asset managers under the form of discretionary mandates. Secondly, the report focuses on the countries where the investment fund assets are managed rather than on the countries in which the funds are domiciled.

Publication