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   March/April 2019  
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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. 2 - 2019 of the Derivatives & Financial Instruments is now available online.

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Number 2 - 2019 contains the following:

Dutch Guidance on Tax Integrity Risk for Financial Institutions

Monique van Herksen and David Schreuders

Financial institutions serve a “gatekeeper” role when it comes to preventing and addressing money laundering conducted by (or through) their clients. The Dutch regulator is requiring Dutch banks to significantly improve their “know-your-customer” rules and test their clients much more thoroughly for aggressive tax planning. This article discusses the new guidance issued in the form of a consultation paper that was published on 7 February 2019 on what constitutes “good practice” when it comes to financial institutions screening their clients for aggressive tax planning structures.


A Fund Is a Fund or Isn’t It? – Some Further Clarification on the VAT Exemption for the Management of Special Investment Funds

Edwin van Kasteren

This article looks at the guidelines provided in Working Paper No. 396 of the VAT Committee on the scope of the exemption for the management of special investment funds (the Working Paper) and, in particular, at what constitutes a “special investment fund”.


The Pricing of Financial Instruments in Tax Disputes

Axel Hilling, Niklas Sandell and Anders Vilhelmsson

The pricing of uncertainties, when establishing the market value of financial instruments, is problematic in tax litigation since the outcome of the litigation is binary. Different values can be equally correct, depending on the choice of models, assumptions regarding model parameters and forecasting techniques. The purpose of this article is to illustrate the challenges for tax administrations and courts in terms of the need and ability to price uncertainties in the market valuation of financial instruments. The authors illustrate the complexities with a case based on a publicly traded instrument, which gives a lower limit of the uncertainty associated with valuation. The authors then problematize the valuation of over-the-counter traded and non-publicly traded instruments, which, due to uncertainty, tends to create leeway for tax arbitrage. This illustration shows the necessity to further understand the manner in which courts reason, the dependency on experts and the use of models.


The Swiss Tax Case on Short Sales cum Dividend

Peter Reinarz

This article discusses the recent Swiss court case on cum-ex short sales and the tax treatment of secondary withholding tax payments.


The Spanish Holding Companies Regime – Possible Trends for the Future and Other Alternatives within Spain

Miguel Loran and Esther Villa

This article analyses the current Spanish holding companies regime and discusses the differences between the common Spanish regime and the Basque holding regime. It further deals with the 2019 failed proposed changes to the Spanish holding regime and gives some thoughts for future amendments.


Tax Benefits on Corporate Bonds and IPOs under Mexico’s 2019 Tax Reform

Javier Diaz de Leon Galarza and Jorge G. Armenta

This article discusses the objectives and benefits of the Corporate Bonds and IPOs Tax Decree, including various open questions that exist today regarding the statutory requirements and economic aspects that Mexican and foreign residents must evaluate.


Recent Developments in Taxation of Foreign Income and Assets in Pakistan

Bilal Hassan

This article provides recent legislative changes governing the taxation of foreign income and assets in Pakistan.

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