- Fiscal state aid and real estate collective investment vehicles (CIVs)
- EC Tax Review
- Volume | Issue number
- 20 | 3
- Pages (from-to)
- Number of pages
- Document type
- Faculty of Law (FdR)
- Amsterdam Center for Tax Law (ACTL)
State aid is an issue that does not immediately come to mind on the topic of real estate collective investment vehicles (CIVs). Nevertheless the question of state aid plays an important role. Last year, the European Commission charged with the monitoring of state aid has taken an important decision on this matter. The Finland government had asked the European Commission for a judgment on a fiscal regime for Real Estate Investment Trusts (REITs) to be implemented by Finland. In this paper, I will focus on this decision and the effect it may have on the Dutch fiscal regimes for real estate CIVs.
In paragraph 1, I will describe the rationale for fiscal regimes of CIVs: fiscal neutrality. Then in paragraph 2, I will make some basic remarks on state aid. Paragraph 3 contains an outline of the Dutch fiscal regimes for real estate CIVs. In paragraph 4, these Dutch fiscal regimes for real estate CIVs are examined in the light of state aid. The decision of the European Commission with respect to Finnish REITs is discussed in paragraph 5. I end in paragraph 6 with the significance of this decision for the Dutch fiscal regimes for real estate CIVs as well as with a conclusion.
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