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European tax bulletin for Real Estate Funds: September 2012

European tax bulletin for Real Estate funds: March 2012


This bulletin aims to highlight key tax issues which may be of importance to real estate funds and investors.

Key findings

The September 2012 edition of the European funds bulletin for Real Estate Funds includes news on


  • Authorities rule EU parent is beneficial owner of deemed dividends
  • New rules facilitate entry of foreign investment funds into Danish market
  • Parliament passes corporate income tax changes


  • Revised budget for 2012
  • Investment funds prevail in French withholding tax case before the European Court of Justice


  • Guidance issued by the Italian Tax Authorities on the new local tax on real estate
  • Further guidelines with reference to the amendments to the so-called “dormant” companies rule


  • New restrictions proposed on participation financing


  • Amendment to the Poland-Luxembourg double tax treaty


  • Tax measures introduced to tackle economic crisis


  • Impact of Swiss double tax treaty amendments on real estate investments


  • Federal Tax Court has constitutional concerns about interest deduction limitation rule
  • Lower tax court of Hamburg rules on add-back of interest and rental payments for trade tax purposes
  • Tax court of Lower Saxony rules on minimum tax rule in a liquidation case
  • New treaties with Netherlands and Luxembourg
  • Tax court rules on tax treatment of due diligence costs for a failed acquisition
  • BFH comments on cross-border aspects of German tax groups


  • Parliament approves tax laws to promote foreign investment.


Download  European tax bulletin for Real Estate Funds: September 2012 (PDF)


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