Tax remains a major obstacle to implementation of UCITS IV in European Union: KPMG International report.
Only 14 of 27 EU Member States have fully transposed the UCITS IV Directive.
While the overall number of countries with tax issues as a result of the Undertakings for Collective Investment in Transferable Securities (UCITS IV) Directive has decreased since 2010, there still remains a significant portion of EU Member States that have not addressed the challenges.
According to Fill the glass to the brim: have we broken through?, an updated analysis of KPMG International’s 2010 Fill the glass to the brim on the tax implications of UCITS IV, even though the 27 EU Member States should have transposed the UCITS IV Directive into national law by 1 July 2011, 13 Member States have not yet fulfilled their obligations. These include Belgium, Cyprus, Greece and Portugal. Late transposition may entail practical issues where cross-border operations involve a Member State that has not transposed the UCITS IV Directive.
If you want to access the previous analysis please click the following link : Fill the glass to the brim