Have we Broken Through?
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. Now, KPMG’s Global Financial Services Tax practice is pleased to announce the launch of the updated survey Fill the Glass to the Brim II: Have we Broken Through?
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.