ATAD

INREV response to the European Commissions Call for evidence on the evaluation of Anti-tax Avoidance Directive (ATAD). INREV calls for improvements to GAAR to address concerns, including the misuse of shell entities rather than adopting the proposed Unshell Directive. We urge that any changes be proportional to the benefits and consider the costs involved. INREV also highlights the need to account for the unique characteristics of the EU real estate investment markets when making adjustments to ATAD.

INREV position paper on European Commission Call for evidence to gather data and views on the implementation of the ATAD across EU Member States, the functioning of the ATAD and future-proofing the measures.

Download the latest snapshot on rules to prevent the misuse of shell entities for tax purposes legislative proposals.

On 5 April, in response to a legislative proposal on rules to prevent the misuse of shell entities for tax purposes, INREV argued for rules retaining tax neutrality between direct investments in real estate and investments through non-listed real estate structures.

Richard van der Linden, Tax Partner Real Estate at PwC in Amsterdam, presented on the European Commission’s legislative proposal adopting the OECD agreement on minimum tax along with measures for fighting the use of shell entities for tax avoidance explained in the August briefing. Referred to as ‘ATAD 3’, the proposal if adopted could impact tax-related aspects of fund structuring and operation.

INREV and 11 other industry associations representing real estate, private equity and venture capital sent a joint letter to the Commission on 29 October regarding the recent shell entities consultation. We argue that recently adopted measures targeting tax avoidance should be allowed to work before new measures are introduced.

Richard van der Linden, Tax Partner at PwC in Amsterdam, presented on the current European Commission consultation on fighting the use of shell entities and arrangements for tax purposes.

On 18 August, INREV filed a response to EC consultation on Fighting the use of shell entities and arrangements for tax purposed in which we argue that structures should be considered based on the purpose for which they were established rather than simply objective hallmarks. 

Henk de Graaf from Deloitte presents on the status of ATAD II anti-hybrid mismatch rules implementing legislation.

Friederike Werner from DWS presents on Hybrid Mismatch Rules under ATAD. The presentation focuses on the practical fund structuring implications for both managers and investors.