Luxembourg

Details

  • Service: Tax, Financial Services
  • Industry: Financial Services, Banking
  • Type: Newsletters
  • Date: 1/15/2013

Contact

Sébastien Labbé

Partner

Tel. +352 22 51 51 - 5565

sebastien.labbe@kpmg.lu

 

Claude Poncelet

Partner

Tel. +352 22 51 51 - 5567

claude.poncelet@kpmg.lu

 

Olivier Schneider

Manager

Tel. +352 22 51 51 - 5504

olivier.schneider@kpmg.lu

 

Michèle Kimmel

Manager

Tel. +352 22 51 51 - 5500

michele.kimmel@kpmg.lu

Aberdeen e-alert - Issue 2013-01 

January 2013

France reimburses substantial amounts of withholding tax to Luxembourg SICAV

 

On 24 December 2012, the French tax authorities have issued the first decision of reimbursement for a Luxembourg SICAV.


This decision constitutes a very positive evolution in the practice of the French tax authorities, following the European Court of Justice’s decision in the Santander case (C-338 to C-347/11) that confirmed the illegality of the French withholding tax on outbound dividends to foreign UCITS.


As a consequence, we believe that investment funds that have not acted yet, should now file tax reclaims to ask for the refund of 30% / 25% withholding tax levied on dividends distributed since 1 January 2009.

Claims have to be filed before 31 December 2014 at the latest. However, KPMG recommends to a

ll its clients to act as soon as possible, in order to minimize the cash disadvantage that constitutes the current 30% levy on dividend distributions to foreign investment funds.

 

For further information please contact  us.

 

 

 

 

 

 

 

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 


 

 

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