In 2010 KPMG International produced the report Fill the glass to the brim, which took a close look at the implications of the new UCITS IV Directive.
This updated survey shows that while the overall number of countries with tax issues as a result of the UCITS IV Directive has decreased since 2010, there still remains a significant portion of EU member states that have not addressed the challenges.
Tax was identified as a major obstacle to the implementation of UCITS IV in KPMG International's 2010 report. Since then, modest progress has been achieved. But on the main issue - tax neutrality for investors on fund reorganizations - progress seems to have stalled.