January/February 2015  
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Derivatives & Financial Instruments
 
This free e-mail service informs you about the contents of the forthcoming edition of Derivatives & Financial Instruments.

Issue No. 1 - 2015 of the Derivatives & Financial Instruments is now available online.

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Text

Number 1 - 2015 contains the following:
EDITORIAL
Financial Institutions as the Guardians of Tax Ethics
Silvain Niekel

 

SPECIAL ISSUE ARTICLES - ETFs
International
Beyond the Future: ETFs as Financial Instruments
Ursula Marchioni and Catherine McNaught
For index Futures, a persistent richness of the Futures roll versus its fair value has been observed across several contracts over the last 12 to 15 months – particularly towards year-end. This article covers the drivers behind this and presents a framework to assess the performance drag which might be experienced versus the benchmark by a fully funded investor choosing to track an index with a Futures contract rather than with an exchange-traded fund (ETF).
International
The Taxation and Regulation of Exchange Traded Funds
Nigel Nelkon and Anthony Kirby
While exchange-traded funds are sometimes treated like mutual funds for regulation and taxation purposes, there can also be significant differences. That potential for ambiguity is the subject of this article.
International
Exchange-Traded Funds and VAT: A Happy Marriage?
Jochum Zutt and Sânne van der Wal

The authors explore the VAT status of exchange-traded funds, as well as the VAT treatment of services purchased by such funds.

COMPARATIVE SURVEY
United States
Domestic and Regulatory Treatment of ETFs
Paul Carman and Morrison Warren
Australia
Domestic and Regulatory Treatment of ETFs
Adele Watson

 

Netherlands
Domestic and Regulatory Treatment of ETFs
Ton Daniels

 

Germany
Domestic and Regulatory Treatment of ETFs
Stefan Angsten

 

Ireland
Domestic and Regulatory Treatment of ETFs
Nigel Nelkon and Sinead Colreavy

 

ARTICLES
Denmark
Taxation of Various Crowdfunding Alternatives
Michael Tell and Steffen Bonde Jensen

The authors discuss various crowdfunding alternatives in Denmark and the tax treatment thereof. Also considered are existing obstacles to crowdfunding and anticipated actions that may minimize or remove such obstacles.

Italy
Recent Amendments to the Definition of Alternative Investment Funds and Tax Ramifications for Foreign Investment Vehicles
Simone Zucchetti and Riccardo Petrelli
This article provides an overview of the effects that the decree implementing the AIFM Directive has had on the process of classifying non-Italian investment vehicles and its consequences for the tax treatment of income derived therefrom.
INTERNATIONAL TAXATION OF FINANCIAL INSTRUMENTS