Acquisition self-storage company taxed with RETT?
Whether real estate transfer tax is due on the acquisition of shares in a private limited company (BV) with a 'self-storage' business remains unclear. This is the case if the business of a self-storage company qualifies as the operation of real estate. Today the Supreme Court ruled that this should be determined from the perspective of the customer. No transfer tax is due if the lease is subordinate to additional services that are purchased. The further assessment is now up to the Court of Appeal of Amsterdam.
ECJ paves the way for broader application of VAT-group
The ‘M-GmbH’ ruling of the European Court of Justice (‘ECJ’), issued on 15 April 2021, paves the way for a broader application of the VAT group than most EU countries currently apply. In line with previous rulings, the ECJ considers that the VAT group is not limited to VAT taxable persons or legal persons only. The ECJ rules that the links required to becoming (part of) a VAT group are EU definitions that should be interpreted by EU countries in the same way.
Action required for financial holdings: authorisation or dispensation
The Dutch Central Bank calls on Dutch financial holding companies to apply for an authorisation or dispensation to comply with the new requirements implemented further to CRD V. Existing financial holdings are requested to do so before 28 June 2021. The background of the approval requirement is that financial holdings are from the entry into force date of CRD V made directly subject to the provisions of supervision on consolidated basis applying to the banking group replacing the rules that the compliance with the consolidated supervision was enforced via the licensed bank(s) in the group.
Goldman Sachs sells shopping centres in Tubbergen and The Hague
Loyens & Loeff advised Goldman Sachs on the disposal of shopping centres in Tubbergen (Eendracht) and The Hague (Hildo Kroplaan) to Heeneman & Partners.
Loyens & Loeff in The Legal 500 2021 EMEA rankings
The Legal 500 has published its EMEA rankings for 2021 today. The rankings are based on independent research on both feedback from peers and clients, as well as on information on projects and transactions we are proud to advise our clients on.
Blue Ocean Terminals Limited acquires Rotterdam Short Sea Terminals B.V.
Loyens & Loeff assisted Blue Ocean Terminals Limited as legal counsel on the acquisition of 100% of Steinweg Ports International B.V.’s interest in Rotterdam Short Sea Terminals B.V.
Germany and the Netherlands sign Protocol to amend the Income Tax Treaty (2012)
On 24 March 2021, Germany and the Netherlands signed an amending protocol (Protocol) to amend the Germany – Netherlands Income Tax Treaty (2012) (Treaty) as amended by the 2016 protocol, on 30 July 2020. The text of the Protocol was published on 7 April 2021 in the Dutch Official Gazette (Tractatenblad).
Altor Equity Partners sells Centralpoint group to Dustin Group
Loyens & Loeff advised Rotla on the sale of the Centralpoint group to Dustin Group.
Acquisition of shares by fund manager (RETT)
The acquisition of shares in a real estate company by a fund manager is taxed with real estate transfer tax, also when the manager does not acquire any economic interest with these shares. This even applies in case no RETT would have been due by the fund investors if these investors would have acquired the shares directly but are required to have the shares acquired by the fund manager. This was ruled today by the Dutch Supreme Court. This article is available in German.
Acquisition of shares by fund manager subject to RETT
The acquisition of shares in a real estate company by a fund manager is taxed with real estate transfer tax, also when the manager does not acquire any economic interest with these shares. This even applies in case no RETT would have been due by the fund investors if these investors would have acquired the shares directly but are required to have the shares acquired by the fund manager. This was ruled today by the Dutch Supreme Court.
Financial Regulatory News Updates - March 2021
An overview in which our Banking and Finance Practice Group highlights EU, Dutch, Belgian, Luxembourg and Swiss law updates relevant for the financial regulatory sector which may be of interest to you.
Fortress sells office portfolio to NSI Kantoren
Loyens & Loeff advised Fortress on the disposal of an office portfolio including Stadshouderskade 5-6 in Amsterdam, Hogehilweg 6 in Amsterdam and Westblaak 155-189 in Rotterdam to NSI Kantoren B.V.