On March 30, ISDA, the International Securities Lending Association and the Association for Financial Markets in Europe responded to the European Commission’s (EC) call for evidence on the tax omnibus.
The associations argue that inconsistent interpretation of “beneficial ownership” among member states creates significant tax uncertainty for dividends and interest in securities lending and derivatives, a problem that will worsen with the move to T+1 settlement. They call for a prospective, EU‑level, principles‑based framework, aligned with guidance from the Organisation for Economic Co-operation and Development but supplemented by clear, practical rules and safe harbours for standard capital markets transactions, to ensure consistent withholding tax outcomes, reduce market fragmentation and keep anti‑avoidance rules separate from beneficial ownership determinations.
Documents (2) for ISDA Responds to EC Call for Evidence on Tax Omnibus
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A Financial Markets Revolution
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