La aplicación de tratados impositivos contra doble tributación en fondos de inversión
Date
2007-04-15Authors
Pallesi, NiccolòPublisher
Editorial Pontificia Universidad Javeriana y Facultad de Ciencias Jurídicas
Type
Artículo de revista
ISSN
2011-1703
1692-8156
COAR
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Application of Tax Treaties to Investment FundsResumen
Dentro de los inversores financieros, los fondos de inversión son los que más han incrementado su importancia en los mercados de capitales mundiales donde la regulación es aún insipiente. Usando fondos de inversión los inversores individuales pueden participar en varias compañías y varios mercados ubicados alrededor del mundo sin la necesidad de tener conocimientos elaborados sobre dichas compañías y mercados. Los problemas impositivos referentes a estos fondos aún esperan por fuertes respuestas de política. En este artículo, el autor discute la posible aplicación de los tratados de impuestos a los fondos de inversión, en particular desde la perspectiva de la fuente de Estado. La definición es benéfica para el propietario y el tratamiento del ingreso distribuido desde un fondo de inversión es también analizado a profundidad. Por último, basado en la investigación que se representa en el artículo, el autor usa el capítulo final para explorar las consideraciones finales sobre la aplicación de los tratados de impuestos a los fondos de inversión.
Abstract
Among financial investors, investment funds are the ones that mostly have increased their importance in capital markets where the regulation on investment funds is still incipient. By using investment funds, individual investors can have the possibility to participate in various companies as well as in market places worldwide without the need of specific and elaborated knowledge of the same companies and markets. After an introductory chapter I start analyzing the definition and activity of an investment fund, attention is also paid to the UCITS regulation for European investment funds. In the next chapter I analyze how investment funds are taxed in specific EU Member Countries (i.e. Italy and Luxembourg), in theUnited States and also how investment funds are treated in offshorejurisdictions.The core chapter of the paper discusses the possible application of tax treaties to investment funds, in particular from the perspective of the state of source. The definition of beneficial owner and the treatment of income distributed from an investment fund are also analyzed in depth. The same chapter also focuses on the possible application of the OECD Partnership Report to investment funds.Based on my findings the last chapter is dedicated to some final considerations about the application of tax treaties to investment funds. I have always been fascinated by capital markets, their techniques and the tax treatment of income arising from investments in capital markets. I think that this paper represents a great possibility of acquiring special knowledge in a topic that I always liked. Moreover, another reason that encouraged me to choose this topic is the fact that still not many scholars have written about such a hot topic, convincing me to contribute to the discussion thereof. My objective is to analyze the possible application of tax treaties to investment funds in order to provide some suggestions as a valid starting point for a future deeper analysis.
Keywords
Tax Treaties, Investment Funds; double Taxation; European Directives; OECD Model Convention (Organisation for Economic Co-operation and Development); Beneficial Owner; Credit for Taxes; Income Characterizationtratados impositivos; fondos de inversión; doble tributación; directivas europeas / normativa europea; modelo de convención OECD (organización para el desarrollo y la cooperación económicos); beneficiario; crédito imputable a impuestos
Link to the resource
http://revistas.javeriana.edu.co/index.php/internationallaw/article/view/13979
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