Politics & Regulation

Tax a major obstacle to implementation of UCITS IV, report says

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Tax issues should be ironed out if UCITS IV is to serve as the platform for a truly pan-European product, according to a report by KPMG.

Certain national tax rules have been amended to make UCITS IV more workable, according to the report entitled: Fill the glass to the brim II: have we broken through?

In efforts to remain attractive as locations for managing investment funds, countries like Italy, Ireland, Luxembourg and Sweden have introduced new tax rules that should allow funds to carry out cross-border operations without adverse tax consequences, the 56-page report states.

It continues: “We continue