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By David Capocci (Tax Partner, Deloitte Tax Consulting) and Benjamin Toussaint (Senior Tax Manager, Deloitte Tax Consulting)
“If it moves, tax it. If it keeps moving, regulate it (…)” is a well-known quote by Ronald Reagan. This quote aptly describes the impact of the 2008 financial crisis on the financial sector (including the alternative investment fund industry), which has become the subject of greater scepticism and scrutiny from public authorities, regulators and the political community(1). The Alternative Investment Fund Managers Directive (AIFMD), which was adopted by the European Council on 27 May 2011, is not a ’tax’ directive per se, unlike for example the EU Parent-Subsidiary Directive(2). However, in practice, the AIFMD will affect the...
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