Abstract
In principle, tax consequences can arise at three taxation levels, that of the investor, the investment fund, and the investment itself. How investment taxation is applied in the individual case depends first and foremost on the means employed by the tax legislator to achieve the intended taxation outcome.
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Notes
- 1.
In order to apply a uniform terminology, the term “withholding tax” is understood in its tax systematic context and, thus, will not only be used in the cross-border situation but applies also to the purely domestic situation. On this note the German “Kapitalertragsteuer” is referred to more generally as (domestic) withholding tax on capital, for example.
- 2.
OECD is the abbreviation for the Organization for Economic Co-operation and Development. In order to support its member countries with the wording of double taxation conventions, OECD experts are engaged in developing model tax conventions.
- 3.
Cf. Haase (2009), p. 631.
- 4.
- 5.
Cf. Vogel and Lehner (2008), Art. 3 no. 13.
- 6.
- 7.
- 8.
- 9.
Cf. Debatin and Wassermeyer (2012), Art. 3 DTC no. 19.
- 10.
Cf. Debatin and Wassermeyer (2012), Art. 3 DTC no. 19.
- 11.
Cf. Vogel and Lehner (2008), Art.1 no. 72.
- 12.
- 13.
- 14.
- 15.
Refer to section “Company”.
- 16.
Cf. Kronat (2002), p. 129.
- 17.
- 18.
- 19.
- 20.
Cf. Debatin and Wassermeyer (2012), Art. 4 DTC no. 1.
- 21.
- 22.
Cf. Debatin and Wassermeyer (2012), Art. 4 DTC no. 25; Zinkeisen (2007), p. 584; Schmidt (2002), p. 649; Geurts (2011), p. 573; Lang (2000), pp. 527, 530; for a concurring view please also refer to Finanzgericht Rheinland-Pfalz of June 15, 2011 1 K 2422/08 concerning DTT Germany‐France and Bundesfinanzhof of June 6, 2012 I R 52/11 concerning DTT Germany‐France. The BFH, however, raises the question to what extent from a German perspective for French tax purposes a French SICAV is to be seen at least partially as tax transparent and insofar tax residency is to be denied on the grounds of lacking subjectivity to tax. The Court has passed the case back to the Rheinland-Pfalz tax court in order to clarify this issue. For a critical assessment affirming tax residency see Staiger and Köth (2012), p. 2915 et seq.
- 23.
- 24.
Cf. Wassermeyer (2001), p. 201.
- 25.
See section “Company”.
- 26.
See section “Other Body of Persons”.
- 27.
- 28.
- 29.
Cf. Debatin and Wassermeyer (2012), Art. 4 DTC no. 1 et seqq.
- 30.
- 31.
- 32.
- 33.
Cf. Vogel and Lehner (2008), Vor Art. 10–12 no. 11 et seqq.
- 34.
For an overview of the differing positions see OECD (2009), Annex 1.
- 35.
- 36.
Cf. OECD (2010), no. 6.15.
- 37.
For a more detailed discussion, please see also the report by ICG (2009).
- 38.
Cf. OECD (2010), no. 6.10.
- 39.
Cf. ibid., no. 6.10–6.13.
- 40.
Cf. ibid., no. 6.14.
- 41.
Cf. ibid., no. 6.21 et seqq.
- 42.
Cf. ibid., no. 6.16 et seqq.
- 43.
Cf. ibid., no. 6.26.
- 44.
For a detailed review, see Zinkeisen (2007), p. 583 et seqq.
- 45.
Cf. OECD (2010), no. 6.21.
- 46.
See ibid, no. 6.29 et seq.
- 47.
See OECD (2009).
- 48.
Cf. Geurts (2011), p. 574.
- 49.
Cf. OECD (2010), no. 6.28.
- 50.
When the fund submits a non-assessment certificate.
- 51.
Since January 1, 2012, Italian tax law has been applying a uniform withholding tax rate of 20 % to all income and capital gains from financial instruments. However, income earned by domestic funds from investments in domestic enterprises are exempt from the withholding tax.
- 52.
Refer to the remarks on Denmark in country Chap. 3 for an overview of the requirements under which an investment fund can claim this special tax regime.
- 53.
In this context, the term “income tax” means an independent personal income tax that explicitly charges the investment funds according to their personal performance. It should specifically not be considered to be identical to income taxation of natural persons.
- 54.
Refer to the country Chap. 3 of this study for more detailed information.
- 55.
The factual tax exemption on capital gains applies only in the case that fund activities do not qualify as securities trading under British law.
- 56.
This would then lead to the systematic requirement of a possibility for consideration at investor level; for more on this, refer to Sect. 2.2.4.4.
- 57.
Also refer to Table 2.2.
- 58.
Refer to section “Domestic Case” in Sect. 2.2.4.4.
- 59.
Refer to Sect. 2.2.3.4.
- 60.
Refer to section “International Case” in Sect. 2.2.4.4.
- 61.
But in regard to Switzerland, it should be noted that denial of loss offsetting for tax purposes applies only to purposes related to income taxation of investment funds. Since funds are independently liable for withholding tax purposes, in this respect intratemporal loss compensation is granted; refer to the Eidgenössische Steuerverwaltung (2009), p. 21 et seq.
- 62.
Combined tax rate of 18 % original withholding tax and 12.1 % social contributions.
- 63.
Refer to Sect. 2.2.4 for more information.
- 64.
Pursuant to the EU CD (2003/48/EC), Luxembourg is, for a transition period, exempted from the obligation to automatically provide information to the investor’s country of location; however, withholding tax must be levied instead.
- 65.
If assessment at the personal progressive tax rate would be more beneficial to the investor, he may petition to apply the assessment instead of flat rate taxation.
- 66.
Refer to section “Domestic Case” in Sect. 2.2.3.4.
- 67.
Detailed information on this topic can be found in the country Chap. 3 of this study.
- 68.
Refer to Sect. 2.2.3 for the classification requirements.
- 69.
Refer to section “Domestic Case” in Sect. 2.2.3.4.
- 70.
Refer to Table 2.4.
- 71.
- 72.
Refer to Table 2.5.
- 73.
Ibidem.
- 74.
Capital gains from the disposal of shares, on the other hand, are considered to be positive “other income”; refer to Crazzolara (2011), p. 31.
- 75.
Refer to HM Revenue and Customs (2013).
- 76.
- 77.
Refer to e.g. in Germany Sec 32a par. 1, no. 1 EStG (German Income Tax Law).
- 78.
Refer to Statistisches Bundesamt (2012).
- 79.
- 80.
Such investment funds are generally referred to as retail funds (differentiating them from special funds).
- 81.
For example, in Denmark the investment fund has no tax liability itself as soon as fewer than eight investors hold units. Refer to Ottosen and Jacobsen (2008), item 3.3.1.3.
- 82.
Such investment funds are generally also referred to as “open-end” funds.
- 83.
Refer to e.g. in Germany Sec 6 InvStG (German Investment Tax Act) or, for cases in which the foreign investment funds are not subject to InvStG, Sec 7 to 14 AStG (Foreign Transaction Tax Law).
- 84.
Refer to e.g. in Germany Sect. 2 par. 1 InvStG (German Investment Tax Act) in conjunction with Sect. 17 par. 1 EStG (German Income Tax Law).
- 85.
For an overview of the rules governing income adjustment, gain from shares and interim profits in Germany, refer to Jacob et al. (2007), pp. 55 et seqq., 146–175 and 178–217.
- 86.
The case of complete accumulation cannot be examined, because in the USA the investment funds examined are obligated to distribute at least 90 % of their taxable income.
- 87.
The data can be found on the MSCI Barra homepage. Refer to MSCI Barra (2007). The geometric average was calculated for the annual returns over a time of t years applying the following formula: \( {^t}{\sqrt{{(1+{r_1})\cdot (1+{r_2})\cdot \ldots \cdot (1+{r_t})}}}-1 \).
- 88.
The data can be found on the MSCI Barra homepage: Refer to MSCI Barra (2007).
- 89.
For the current index data, refer to FTSE (2007). As of October 22, 2008, an annual return of 6.00 % and a coupon of 3.40 % were reported for the last 360 days.
- 90.
Refer to e.g. in Germany Sect. 3 par. 3 InvStG (German Investment Tax Act).
- 91.
Refer to the currency converter of the Bundesverband deutscher Banken (federal association of German banks) 2011.
- 92.
For the conclusions on the individual countries, refer to the analyses in Chap. 2.
- 93.
It should be pointed out that the tax burden is of course only one of many criteria relevant for making investment decisions. Return, risk and cost or fee aspects are excluded here, however.
- 94.
Our model investor receives in all scenarios an employment income above the threshold of £34,370.
- 95.
Please note that employment income is to be primarily assigned to the 10 % basic rate band.
- 96.
In the case of distribution.
- 97.
In the case of distribution.
- 98.
With the exception of accumulating SICAV.
- 99.
With the exception of equity funds in scenario 2.
- 100.
With the exception of bond funds in scenario 1.
- 101.
With the exception of distributing funds of the contract type.
- 102.
Cf. Bundesministerium der Finanzen (2012).
- 103.
According to our model assumptions, the distributions of the fund are comprised mainly (53.89 %) of capital gains realised by the fund on the disposal of assets, which would not be subject to corporate income tax but which, nevertheless, would fall in the scope of the 20 % exemption for income tax purposes.
References
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Annexes
Annexes
2.1.1 Annex I: Withholding Tax Rates According to Double Taxation Agreements
The horizontal lines represent the countries in which the assets are invested; the vertical columns refer to the countries in which the funds are resident.
2.1.1.1 Maximum Tax Rates Applicable to Dividends for Investors (Natural Persons), According to Relevant Double Taxation Agreements
DK | DE | FR | IE | IT | JP | LU | NL | PL | CH | ES | UK | USA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
DK | 15 % | 0 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 0 % | 15 % | 15 % | 15 % | |
DE | 15 % | 15 % | 10/15/20/25 % | 15 % | 15 % | 15 % | 15 % | 0 % | 5/15/30 % | 15 % | 15 % | 15 % | |
FR | 0 % | 15 % | 15 % | 15 % | 10 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | |
IE | 0 % | Domestic rate applies% | Domestic rate applies% | 15 % | Domestic rate applies% | Domestic rate applies% | 15 % | 15 % | 0 % | 0 % | 15 % | 5/15 % | |
IT | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 10 % | 15 % | 15 % | 15 % | 15 % | |
JP | 10 % | 15 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 0/5/10 % | |
LU | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | |
NL | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 %0 | 15 % | 15 % | 15 % | |
PL | 15 % | 0 % | 15 % | 15 % | 10 % | 10 % | 15 % | 15 % | 15 % | 15 % | 0 % | 5/15 % | |
CH | 0 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | |
ES | 0 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | |
UK | 0 % | 15 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | |
USA | 5/15 % | 5/15 % | 5/15 % | 5/15 % | 5/10/15 % | 0/5/10 % | 5/15 % | 5/15 % | 5/15 % | 5/15 % | 10/15 % | 0/5/15 % |
2.1.1.2 Maximum Tax Rates Applicable to Dividends for Companies (Inter-Corporate Dividend Relief), According to Relevant Double Taxation Agreements
DK | DE | FR | IE | IT | JP | LU | NL | PL | CH | ES | UK | USA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
DK | 0/5 %a | 0 % | 0 % | 0 % | 10 % | 5 % | 0 % | 0/5 %b | 0 % | 0 % | 0 % | 0 % | |
DE | 15 % | 15 % | 10/15/20/25 % | 15 % | 15 % | 15 % | 15 % | 0 % | 5/15/30 % | 15 % | 15 % | 15 % | |
FR | 0 % | 0 % | 10 % | 5 % | 0/5 % | 5 % | 5 % | 5 % | 0 % | 0 % | 5 % | 5 % | |
IE | 0 % | Domestic rate applies% | Domestic rate applies% | 15 % | Domestic rate applies% | Domestic rate applies% | 0 % | 5 % | 0 % | 0 % | 5 % | 5/15 % | |
IT | 0 % | 10 % | 5 % | 15 % | 10 % | 15 % | 5/10 % | 10 % | 15 % | 15 % | 5 % | 5/10 % | |
JP | 10 % | 15 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 0/5/10 % | |
LU | 5 % | 10 % | 5 % | 5 % | 15 % | 5 % | 2.50 % | 5 % | 0/5 % | 5 % | 5 % | 0/5 % | |
NL | 0 % | 10 % | 5 % | 0 % | 5/10 % | 5 % | 2.50 % | 5 % | 0 % | 5 % | 5 % | 0/5 % | |
PL | 0/5 %b | 0 % | 5 % | 5 % | 10 % | 10 % | 5 % | 5 % | 5 % | 5 % | 0 % | 5/15 % | |
CH | 0 % | 0 % | 0 % | 5 % | 15 % | 10 % | 0/5 % | 0 % | 5 % | 0 % | 5 % | 5 % | |
ES | 0 % | 0 % | 0 % | 5 % | 15 % | 10 % | 0/5 % | 0 % | 5 % | 0 % | 5 % | 5 % | |
UK | 0 % | 15 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | 0 % | |
USA | 5/15 % | 5/15 % | 5/15 % | 5/15 % | 5/10/15 % | 0/5/10 % | 5/15 % | 5/15 % | 5/15 % | 5/15 % | 10/15 % | 0/5/15 % |
2.1.1.3 Maximum Tax Rates Applicable to Interest for Investors (Natural Persons), According to Relevant Double Taxation Agreements
DK | DE | FR | IE | IT | JP | LU | NL | PL | CH | ES | UK | USA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
DK | 0 % | 0 % | 0 % | 0/10 %a | 10 % | 0 % | 0 % | 0/5 %a | 0 % | 10 % | 0 % | 0/5 % | |
DE | 0 % | 0 % | 0 % | 10 % | 10 % | 0 % | 0 % | 0/5 % | 0 % | 10 % | 0 % | 0 % | |
FR | 0 % | 0 % | 0 % | 10 % | 0/10 % | 0 % | 10 % | 0 % | 0 % | 10 % | 0 % | 0 % | |
IE | 0 % | 0 % | 0 % | 10 % | 10 % | 0 % | 0 % | 0/10 % | 0 % | 0 % | 0 % | 0 % | |
IT | 0/10 % | 0/10 % | 0/10 % | 10 % | 10 % | 0/10 % | 0/10 % | 0/10 % | 12.50 % | 0/12 % | 0/10 % | 15 % | |
JP | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | |
LU | 0 % | 0 % | 10 % | 0 % | 10 % | 10 % | 2.50 % | 0/10 % | 0/10 % | 10 % | 0 % | 0 % | |
NL | 0 % | 0 % | 0/10 % | 0 % | 10 % | 10 % | 0 % | 0/5 % | 5 % | 0/10 % | 0 % | 0 % | |
PL | 0/5 %a | 0/5 % | 0 % | 0/10 % | 0/10 % | 10 % | 0/10 % | 0/5 % | 10 % | 10 % | 0/5 % | 0 % | |
CH | 0 % | 0 % | 0 % | 0 % | 12.50 % | 10 % | 0/10 % | 5 % | 10 % | 0 % | 0 % | 0 % | |
ES | 0 % | 0 % | 0 % | 0 % | 12.50 % | 10 % | 0/10 % | 5 % | 10 % | 0 % | 0 % | 0 % | |
UK | 0 % | 0 % | 0 % | 0 % | 10 % | 0/10 % | 0 % | 0 % | 0/5 % | 0 % | 12 % | 0 % | |
USA | 0 % | 0 % | 0 % | 0 % | 15 % | 0/10 % | 0 % | 0 % | 0 % | 0 % | 0/10 % | 0 % |
2.1.1.4 Maximum Tax Rates Applicable to Interest for Companies (Inter-Corporate Dividend Relief), According to Relevant Double Taxation Agreements
DK | DE | FR | IE | IT | JP | LU | NL | PL | CH | ES | UK | USA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
DK | 0 % | 0 % | 0 % | 0/10 %a | 10 % | 0 % | 0 % | 0/10 %a | 0 % | 10 % | 0 % | 0/5 % | |
DE | 0 % | 0 % | 0 % | 10 % | 10 % | 0 % | 0 % | 0/5 % | 0 % | 10 % | 0 % | 0 % | |
FR | 0 % | 0 % | 0 % | 10 % | 0/10 % | 0 % | 10 % | 0 % | 0 % | 10 % | 0 % | 0 % | |
IE | 0 % | 0 % | 0 % | 10 % | 10 % | 0 % | 0 % | 0/10 % | 0 % | 0 % | 0 % | 0 % | |
IT | 0/10 % | 0/10 % | 0/10 % | 10 % | 10 % | 0/10 % | 0/10 % | 0/10 % | 12.50 % | 0/12 % | 0/10 % | 15 % | |
JP | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 10 % | 0 % | |
LU | 0 % | 0 % | 10 % | 0 % | 10 % | 10 % | 2.50 % | 0/10 % | 0/10 % | 10 % | 0 % | 0 % | |
NL | 0 % | 0 % | 0/10 % | 0 % | 10 % | 10 % | 0 % | 0/5 % | 5 % | 0/10 % | 0 % | 0 % | |
PL | 0/5 %a | 0/5 % | 0 % | 0/10 % | 0/10 % | 10 % | 0/10 % | 0/5 % | 10 % | 10 % | 0/5 % | 0 % | |
CH | 0 % | 0 % | 0 % | 0 % | 12.50 % | 10 % | 0/10 % | 5 % | 10 % | 0 % | 0 % | 0 % | |
ES | 0 % | 0 % | 0 % | 0 % | 12.50 % | 10 % | 0/10 % | 5 % | 10 % | 0 % | 0 % | 0 % | |
UK | 0 % | 0 % | 0 % | 0 % | 10 % | 0/10 % | 0 % | 0 % | 0/5 % | 0 % | 12 % | 0 % | |
USA | 0 % | 0 % | 0 % | 0 % | 15 % | 0/10 % | 0 % | 0 % | 0 % | 0 % | 0/10 % | 0 % |
2.1.2 Annex II: Overview of Income Taxation
The following two tables show a symbol-based representation of the basic tax consequences at the three taxation levels in the case of dividend distribution and retained income. It is indicated here, whether the fund is taxed separately, the assets are subject to withholding tax at the level of the fund (and on the account of the investor), and/or the investor is subject to taxation on his/her investment income. For purposes of diagrammatic presentation the following abbreviations or symbols are used.
- C(F)WHT :
-
Credit at fund or investor level of (foreign) withholding tax withheld at asset level
- CF(I) :
-
Credit at investor level of withholding tax withheld at fund level
- F:
-
Separate taxation of returns at fund level
- F(I):
-
Withholding tax on returns at fund level on the account of investor
- I:
-
Separate taxation of the investor
- T[country] :
-
Tax rate applied by the country [country]
- –:
-
No tax consequences at the corresponding level
The possibility of crediting previously withheld income tax, if given, is indicated. For further details please see Chap. 2.
2.1.2.1 Basic Tax Consequences in Case of Distribution of Generated Income
Equity fund | Bond fund | |||
|---|---|---|---|---|
Regular income | Capital gains | Regular income | Capital gains | |
CH | F: – CWHT 1 F(I): 35 % I: TCH CF(I) 2 | F: – F(I): –3 I: – (PA)4/ TCH CF(I) (BA)5 | F: – CWHT 1 F(I): 35 % I: TCH CF(I) 2 | F: – F(I): –3 I: – (PA)4/ TCH CF(I) (BA)5 |
DE | F: 15.825 % CFWHT 6 F(I): 26.375 % I: – (PA)7/ 0.6 × TDE CF(I) (BA)8 | F: – CFWHT 6 F(I): 26.375 %9 I: – (PA)7/0.6 × TDE CF(I) (BA)8 | F: – CFWHT 6 F(I): 26.375 %9 I: – (PA)7/0.6 × TDE CF(I) (BA)8 | F: – CFWHT 6 F(I): 26.375 %9 I: – (PA)7/0.6 × TDE CF(I) (BA)8 |
DK (“distributing fund”) | F: –10 F(I): 28 % I: TDK CF(I) | F: –10 F(I): 28 % I:TDK CF(I) | F: –10 F(I): –11 I: TDK CF(I) | F: –10 F(I): –11 I: TDK CF(I) |
DK (investment company) | F: – F(I): –12 I: TDK 13 CF(I) 14 | F: – F(I): –12 I: TDK 13 CF(I) 14 | F: – F(I): – I: TDK 13 CF(I) 14 | F: – F(I): – I: TDK 13 CF(I) 14 |
ES | F: 1 % C(F)WHT 15 F(I): 19 % I: 19 % CF(I) | F: 1 % C(F)WHT 15 F(I): 19 % I: 19 % CF(I) | F: 1 % C(F)WHT 15 F(I): 19 % I: 19 % CF(I) | F: 1 % C(F)WHT 15 F(I): 19 % I: 19 % CF(I) |
FR (FCP) | F: – F(I): –16 I: 0.6 × TFR 17 | F: – F(I): –16 I: TFR 18 | F: – F(I): –16 I: TFR 17 | F: – F(I): –16 I: TFR 18 |
FR (SICAV) | F: – F(I): –16 I: 0.6 × TFR 17 | F: – F(I): –16 I: TFR 17 | F: – F(I): –16 I: 0.6 × TFR 19 | F: – F(I): –16 I: TFR 17 |
IE | F: – F(I): 25 %20 I: – | F: – F(I): 28 %20 I: – | F: – F(I): 25 %20 I: – | F: – F(I): 28 %20 I: – |
IT | F: – F(I): 20 %21 I: – (PA)/49.72 % × TIT CF(I) 22 (BA) | F: – F(I): 20 %21 I: – (PA)/49.72 % × TIT CF(I) 22 (BA) | F: – F(I): 20 %23 I: – (PA)/49.72 % × TIT CF(I) 22 (BA) | F: – F(I): 20 %23 I: – (PA)/49.72 % × TIT CF(I) 22 (BA) |
JP (contract type) | F: – CFWHT 24 F(I): 10 %25 I: – | F: – CFWHT 24 F(I): 10 %25 I: – | F: – CFWHT 24 F(I): 20 %26 I: – | F: – CFWHT 24 F(I): 20 %26 I: – |
JP (company type) | F: – CFWHT 27 F(I): 10 %28 I: – | F: – CFWHT 27 F(I): 10 %28 I: – | F: – CFWHT 27 F(I): 10 %28 I: – | F: – CFWHT 27 F(I): 10 %28 I: – |
LU (FCP) | F: –29 F(I): – I: TLU | F: –29 F(I): – I: TLU 30 | F: –29 F(I): – I: TLU | F: –29 F(I): – I: TLU 30 |
LU (SICAV) | F: –29 F(I): – I: TLU | F: –29 F(I): – I: TLU 30 | F: –29 F(I): – I: TLU | F: –29 F(I): – I: TLU 30 |
NL (FGR/CV) | F: – F(I): – I: 30 %31 CF(I) 32 | F: – F(I): – I: 30 %31 CF(I) 32 | F: – F(I): – I: 30 %31 CF(I) 32 | F: – F(I): – I: 30 %31 CF(I) 32 |
NL (FBI) | F: 0 % C(F)WHT 33 F(I): 15 % I: 30 %31 CF(I) | F: 0 % CFWHT 33 F(I): – I: 30 %31 CF(I) 32 | F: 0 % CFWHT 33 F(I): – I: 30 %31 CF(I) 32 | F: 0 % CFWHT 33 F(I): – I: 30 %31 CF(I) 32 |
NL (VBI) | F: – F(I): – I: 30 %31 CF(I) 32 | F: – F(I): – I: 30 %31 CF(I) 32 | F: – F(I): – I: 30 %31 CF(I) 32 | F: – F(I): – I: 30 %31 CF(I) 32 |
PL | F: – F(I): 19 % I: – | F: – F(I): 19 % I: – | F: – F(I): 19 % I: – | F: – F(I): 19 % I: – |
UK | F: – F(I): 10 %34 I: TUK CF(I) | F: – F(I): N/A I: N/A | F: 20 % CFWHT F(I): 20 %35 I: TUK CF(I) | F: – F(I): N/A I: N/A |
USA (RIC) | F: –36 F(I): –37 I: TUSA CF(I) 38 | F: –36 F(I): –37 I: TUSA CF(I) 38 | F: –36 F(I): –37 I: TUSA CF(I) 38 | F: –36 F(I): –37 I: TUSA CF(I) 38 |
2.1.2.2 Basic Tax Consequences in Case of Accumulation of Generated Income
Equity fund | Bond fund | |||
|---|---|---|---|---|
Regular income | Capital gains | Regular income | Capital gains | |
CH | F: – CWHT 1 F(I): 35 % I: – (BA/PA2)/TCH CF(I) (PA)3 | F: – F(I): –4 I: – (PA)5/TCH CF(I) (BA)6 | F: – CWHT 1 F(I): 35 % I: –(BA/PA2)/TCH CF(I) (PA)3 | F: – F: –4 I: – (PA)5/TCH CF(I) (BA)6 |
DE | F: 15.825 % CFWHT 7 F(I): 26.375 % I: – (PA)8/0.6 × TDE CF(I) (BA)9 | F: – F(I): – I: – | F: – CFWHT 7 F(I): 26.375 %10 I: – (PA)8/0.6 × TDE CF(I) (BA)9 | F: – F(I): – I: – |
DK (“distributing fund”) | F: –11 F(I): 28 % I: – | F: –11 F(I): 28 % I: – | F: –11 F(I): –12 I: – | F: –11 F(I): –12 I: – |
DK (investment company) | F: – F(I): –13 I: TDK 14 CF(I) 15 | F: – F(I): –13 I: TDK 14 CF(I) 15 | F: – F(I): – I: TDK 14 CF(I) 15 | F: – F(I): – I: TDK 14 CF(I) 15 |
ES | F: 1 % C(F)WHT 16 F(I): – I: – | F: 1 % C(F)WHT 16 F(I): – I: – | F: 1 % C(F)WHT 16 F(I): – I: – | F: 1 % C(F)WHT 16 F(I): – I: – |
FR (FCP) | F: – F(I): – I: – | F: – F(I): – I: TFR 17 | F: – F(I): – I: – | F: – F(I): – I: TFR 17 |
FR (SICAV) | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – |
IE | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – |
IT | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – |
JP (contract type) | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – |
JP (company type) | F: 42 %18 F(I): – I: – | F: 42 %18 F(I): – I: – | F: 42 %18 F(I): – I: – | F: 42 %18 F(I): – I: – |
LU (FCP) | F: –19 F(I): – I: TLU | F: –19 F(I): – I: TLU 20 | F: –19 F(I): – I: TLU | F: –19 F(I): – I: TLU 20 |
LU (SICAV) | F: –19 F(I): – I: – | F: –19 F(I): – I: – | F: –19 F(I): – I: – | F: –19 F(I): – I: – |
NL (FGR/CV) | F: – F(I): – I: 30 %21 CF(I) 22 | F: – F(I): – I: 30 %21 CF(I) 22 | F: – F(I): – I: 30 %21 CF(I) 22 | F: – F(I): – I: 30 %21 CF(I) 22 |
NL (FBI) | F: 0 % C(F)WHT 23 F(I): – I: 30 %21 CF(I) | F: 0 % CFWHT 23 F(I): – I: 30 %21 CF(I) | F: 0 % CFWHT 23 F(I): – I: 30 %21 CF(I) | F: 0 % CFWHT 23 F(I): – I: 30 %21 CF(I) |
NL (VBI) | F: – F(I): – I: 30 %21 CF(I) 22 | F: – F(I): – I: 30 %21 CF(I) 22 | F: – F(I): – I: 30 %21 CF(I) 22 | F: – F(I): – I: 30 %21 CF(I) 22 |
PL | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – | F: – F(I): – I: – |
UK | F: – F(I): 10 %24 I: TUK CF(I) | F: – F(I): N/A I: N/A | F: 20 % CFWHT F(I): 20 %25 I: TUK CF(I) | F: – F(I): N/A I: N/A |
USA (RIC) | F: 35 %26 CFWHT F(I): – I: – | F: 35 %26 CFWHT F(I): – I: TUSA CF(I) 27 | F: 35 %26 CFWHT F(I): – I: – | F: 35 %26 CFWHT F(I): – I: TUSA CF(I) 27 |
2.1.3 Annex III: Sample Questionnaire
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Oestreicher, A., Hammer, M. (2014). Analysis. In: Oestreicher, A., Hammer, M. (eds) Taxation of Income from Domestic and Cross-border Collective Investment. Springer, Cham. https://doi.org/10.1007/978-3-319-00449-5_2
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