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

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.

The Tax Omnibus must include retail funds in withholding tax relief

Member States should incentivise household investment in regulated funds, not penalise it

Policy Position

Tax ＆ Accounting

Withholding taxes

28 October 2026

Europe Cannot Prosper Under The Weight Of Unnecessary Complexity

Today, EFAMA and 22 other European business, financial and professional associations published a joint statement warning that “Europe cannot prosper under the weight of unnecessary complexity”. The statement calls on Member States to agree on the Commission’s Tax Simplification Package without losing its ambition in the negotiations. It argues that Europe’s competitiveness and its ability to create good jobs depend on cutting unnecessary costs and removing barriers to cross-border investment.

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