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With an integrated approach that sets us apart in the market, we offer our clients in the Investment Management industry a unique combination of specialized legal, tax and regulatory intelligence. Our large and comprehensive practice of close to 100 lawyers knows just how to combine corporate, tax, regulatory, and fund finance expertise for all aspects of the Investment Management practice.
Sustainability is becoming an increasingly important factor in the decisions of investors, companies, consumers, shareholders and policy and law makers. The broadly supported awareness of Environmental, Social and Governance (ESG) objectives is reflected in many international voluntary standards as well as in an increasing number of European regulations.
This article offers insights into the progress of implementing the CSRD in the Netherlands and highlights our key takeaways.
Our team advised The Social Hub (TSH) on a major Green Finance transaction with Aareal Bank and two other lenders.
The anti-hybrid mismatch rules of the EU Anti-Tax Avoidance Directive (ATAD 2) aim to prevent situations of a double deduction and a deduction without a corresponding inclusion of the income at the level of the recipient resulting from a hybrid mismatch. All EU Member States have implemented ATAD2 in their domestic laws as from 1 January 2019 (for Belgium) or as from 1 January 2020 and 1 January 2022 (for a.o. the Netherlands and Luxembourg).
It is noted that EU Member states can introduce rules that go beyond the minimum standards of the ATAD2 directive. An example of this is the introduction of the ATAD2 documentation requirement in the Netherlands. Following the Dutch ATAD2 documentation requirement, all Dutch taxpayers should have documentation available in their administration that shows the (non-)applicability of the ATAD2 rules.
This first circular from the Luxembourg tax authorities provides clarifications on tax status of a hybrid entity, its taxation rules and obligations in Luxembourg.
Luxembourg is the main jurisdiction in Europe for launching credit funds with a European strategy.
Building upon work conducted for several years on how to adapt the international tax rules to an increasingly digitalised economy, the OECD/G20 Inclusive Framework proposes a two-pillar overhaul of the existing system as from 2023/2024. While the main policy features are agreed, detailed model rules and draft multilateral conventions are due to be released over 2022.
Tax directors and their teams can already model the impact, prepare for the additional tax compliance burden and assess opportunities for manageable restructurings to mitigate the increased complexity.
In this update, our specialists inform you about relevant current tax developments and trends in the Netherlands, Belgium, Luxembourg and Switzerland that have an impact on MNEs.
On 13 November, amendments to the bill of law implementing Pillar Two’s “GloBE Rules” were published.
In recent years tax authorities have placed more emphasis on combatting the use of abusive and aggressive tax structures by companies operating across borders, to ensure fair taxation. The EU and OECD have provided tax authorities with various instruments such as the Anti-Tax Avoidance Directive (ATAD) and the Multilateral Instrument. The judgements handed down by the CJEU on the Danish cases have also set an important precedent.
However, since entities with no minimal substance and economic activity are supposedly still used for improper tax purposes, the European Commission recently issued a new proposal (ATAD 3). It is highly recommended that taxpayers already assess the possible impact of the proposal and consider opportunities for strengthening their local footprint and/or restructuring.
In this update, our specialists inform you about relevant current tax developments and trends in the Netherlands, Belgium, Luxembourg and Switzerland that have an impact on MNEs.
Recently, the European Parliament (EP) almost unanimously adopted an opinion suggesting changes to the draft anti-shell Directive (ATAD3).
Traditionally, every year on the third Tuesday in September, the Dutch Cabinet presents its budget plan to parliament. This year Budget Day, or Prinsjesdag, will be on Tuesday 19 September 2023.
On 26 October 2023, the Dutch Second Chamber of Parliament adopted the tax plans published by the Dutch Ministry of Finance on 19 September 2023 (Tax Plans 2024).
On 26 October 2023, the Dutch Second Chamber of Parliament adopted the tax plans published by the Dutch Ministry of Finance on 19 September 2023 (Tax Plans 2024) as well as the earlier proposed Minimum Tax Act 2024.
