Publication
Building long-term integrity in the voluntary carbon market
In recent years, an important question has arisen in relation to the voluntary carbon market (VCM) as it continues to expand: How do we elevate and maintain its integrity?
Global | Publication | September 2016
On 20 September 2016 – 2017 Budget Day – the Dutch State Secretary for Finance submitted a letter to the lower house of parliament on the proposed amendment to the Dutch dividend tax regime. He proposes to amend the Dutch dividend tax act to eliminate the difference between Dutch cooperatives and Dutch private companies (BV) and public companies (NV). It introduces a liability to dividend tax for so-called holding cooperatives but at the same time relaxes the current regime applicable; to BVs and NVs by allowing BVs and NVs to make distributions free of dividend tax if their shareholders reside in a treaty country. If enacted, the changes are intended to become effective as from January 1, 2018, at the latest.
The cooperative is a specific legal entity that is used in international holding structures to prevent Dutch dividend tax being levied on distributions. As opposed to BVs and NVs, the cooperative is not subject to dividend tax as its capital is not divided into units or shares. Because there are no specific legal grounds for this difference, the Dutch State Secretary for Finance proposes to eliminate it.
His letter first sets out the different types of cooperatives and their uses. Here, the Dutch State Secretary for Finance distinguishes between so-called (active) “real cooperatives” and (passive) “holding cooperatives”. He subsequently proposes to amend the dividend tax regime for holding cooperatives so that their treatment will be put at par with that of BVs and NVs:
As this letter is only an announcement of a future change, these developments are subject to change. We will keep you updated on further developments. Nonetheless, a review should be made of any structures that uses cooperatives The amendment may allow you to simplify such structures. We are obviously more than happy to assist you in reviewing your structures to ensure their effectiveness.
Publication
In recent years, an important question has arisen in relation to the voluntary carbon market (VCM) as it continues to expand: How do we elevate and maintain its integrity?
Publication
Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Publication
On 16 April 2024, the Hon Tanya Plibersek MP, the Minister for the Environment and Water (the Minister) announced progress on the package of reforms to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act).
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023