The Tax Treatment of CIVs and REITs

The Tax Treatment of CIVs and REITs
The Tax Treatment of CIVs and REITs provides a valuable overview of the international tax issues these vehicles encounter in an international context.

Why this book?

The Tax Treatment of CIVs and REITs comprises the proceedings of a conference held by the Amsterdam Centre for Tax Law (ACTL) of the University of Amsterdam on 2 November 2012. The book provides a unique and current overview of the tax issues that play a role in the cross-border operation of collective investment vehicles (CIVs) and real estate investment trusts (REITs). Typically, these investment funds function well in a domestic context, where the investors, the fund and the investments are all located in one state. In an international context, however, interesting issues arise, such as questions on the proper allocation of taxing rights, beneficial ownership and non-discrimination. These and other issues are addressed in this book.

The book starts with the 2008 and 2010 updates to the OECD Model Tax Convention, adopting the OECD CIV and OECD REIT reports with a view on policymakers and practice. In addition, it places the treatment of CIVs and REITs in an EU tax law perspective. Finally, future developments are also discussed, including the impact of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directives IV and V and the Alternative Investment Fund Managers Directive (AIFMD), from both a direct tax and an indirect tax perspective.

Collective investment is of increasing importance in a society with a proportional rise in the ageing population, as a means for the public to save for later. The Tax Treatment of CIVs and REITs provides a valuable overview of the international tax issues that the CIV and REIT vehicles encounter in an international context.

This book is of interest to tax practitioners, multinational businesses, policymakers, tax administrators, judges and academics.

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Sample excerpt, including table of contents 

Editor(s)

Hein Vermeulen

Contributor(s)

Raymond Adema, Patricia Brown, Sjoerd Douma, Gijs Fibbe, Arnaud de Graaf, Gert-Jan van Norden, Luis Nouel, Martijn Nouwen, Erwin Nijkeuter, Stefano Simontacchi, Tomi Viitala, Hein Vermeulen and Ronald Wijs.

 

The Tax Treatment of Collective Investment Vehicles and Real Estate Investment Trusts
Chapter 1: General Report: The Tax Treatment of CIVs and REITs
Chapter 2: Fifty Years of Tax Uncertainty: The Problem of International Neutrality for Collective Investment Vehicles
Chapter 3: The 2010 Update of the OECD Commentary on Collective Investment Vehicles
Chapter 4: Dutch Tax Treaty Policy for Pooled Investment Vehicles
Chapter 5: Directly Held vs Indirectly Held Real Estate Investments
Chapter 6: The Tax Treaty Treatment of REITs – The Alternative Provisions Included in the Commentaries on the 2008 OECD Model
Chapter 7: European REITs and Cross-Border Investments
Chapter 8: Comparability of Different CIVs under EU Law
Chapter 9: Investment Funds, Dutch Dividend Withholding Tax and EU Law Developments
Chapter 10: The Tax Treatment of CIVs and REITs from a State Aid Perspective: Limits on National Tax Policy
Chapter 11: Domicile Issues Arising from the Management Company Passport – A Comparison of the UCITS Regulatory Framework and Tax (Treaty) Law
Chapter 12: Collective Investment Vehicles and VAT in a Changing Environment
Chapter 13: The State of Play of Recent Work of the EU Code of Conduct Group on Tackling Harmful Tax Competition and Aggressive Tax Planning