May/June 2017  
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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. 3 - 2017 of the Derivatives & Financial Instruments is now available online.

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Asian Voices: BEPS and Beyond
Top minds in tax and transfer pricing across Asia-Pacific discuss the BEPS Project in the context of Asia’s unique conditions.
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International Taxation of Banks and Financial Institutions
15-17 November 2017
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Number 3 - 2017 contains the following:
Tax Suitability as a New Regulatory Requirement
Sergio Uldry and Nina Mueller


The Engie Case: Fiscal State Aid and Mismatches in One Member State
Erisa Nuku and Hein Vermeulen
This article analyses the European Commission’s approach to State aid arising from an inconsistent application of national law that derogates from what should have been its correct interpretation, taking the Engie opening decision as the basis of the present analysis.
Direct Lending by Alternative Investment Funds: The Italian Regulatory and Tax Framework
Vittorio Salvadori di Wiesenhoff and Giovanni Meschia
Italy has a comprehensive set of regulations that allows direct lending by alternative capital providers, which include Italian and EU alternative investment funds. This article outlines the conditions and formalities that these funds must satisfy before engaging in lending transactions in Italy, along with the applicable tax regime.
Court Denies Tax Treaty Benefits to Long Borrower of Swiss Shares
Peter Reinarz
The Swiss Federal Administrative Court upheld a decision by the Federal Tax Administration to reject the tax treaty-based partial refund claims of a Luxembourg resident financial institution for Swiss withholding tax on dividends paid on stock exchange-listed Swiss shares which Lux Bank had borrowed from an affiliated financial institution resident in the United Kingdom.
United States
The Character and Source of Fees and Other Payments in Financial Transactions
Paul Carman
The author focuses on the US tax treatment of the character and source of payments under financial transactions – primarily with regard to the issuance or transfer of debt instruments.
Tax Information Gathering
Anton Joseph
The powers of the Commissioner to obtain information about taxpayers has been increased under two recently enacted pieces of legislation, in line with OECD proposals.