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Aurora Ribes Ribes researches at CIDEEFF

27, March 2017

Aurora Ribes Ribes, from University of Alicante, was at CIDEEFF working on a research.

The purpose of the research is to provide an overview of the European and International tax framework for Collective Investment Vehicles (CIVs). Taking into account the lack of harmonization in this matter, the author focuses on the analysis of the case law of the European Court of Justice (C-194/06, OESF; C-338/11, Santander Assets Management; C-190/12, Emerging Markets DFA Investment Trust; C-326/12, van Caster; C-560/13, Wagner-Rheitz; and, C-48/15, NN (L)), which ensures the compatibility of the CIVs tax treatment with the fundamental freedoms.

Moreover, concerning the entitlement of CIVs to treaty benefits, changes to the Commentary on article 1 of the OECD Model Convention (2010 update) are examined.  Special attention is paid to the practical problems derived from the interpretation and application of the so-called three-tier test (person, resident and beneficial owner), in order to improve the current system. Additionally, the author examines the indirect effects on investment funds derived from Actions 2 and 6 of the OECD BEPS Action Plan. The final part of the research concludes by approaching to the specific provisions for CIVs included in the Spanish tax treaties.