Dr. Jonathan De Giovanni Delivers Seminars for the Malta Institute of Taxation

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On the 24th of October Dr. Jonathan De Giovanni, Head of International Tax at WDM International, delivered a seminar organized at the Le Meridien entitled The Taxation on Investment Funds and their Entitlement to Tax Treaty Benefits: A Maltese, OECD and EU Overview.

The seminar delved into an analysis of the Income Tax Act provisions pertinent to CIVs, analyzing the domestic regime.

The seminar also considered the application of tax treaties to investment funds, To this end recent work of the OECD on improving the access of CIVs to treaty benefits was considered.

Dr. De Giovanni explained that to qualify for the benefits of a tax treaty based on the OECD Model that does not include a specific provision dealing with CIVs, a CIV must qualify as a “person” which is a “resident” of a contracting state and is the “beneficial owner” of the dividend and interest income that it receives. Such conditions were examined accordingly, taking into account practical examples of Maltese tax treaties that make express mention to CIVs in their provisions. The seminar finally considered recent developments in the European Union from a case law perspective. To this end the decisions of the European Court of Justice (ECJ) , in i.e. Aberdeen Property Fininvest Alpha Oy (Case C-303/07 and Orange European Smallcap Fund NV (Case C-194/06) were assessed.

Jonathan shall also be delivering another seminar for the Malta Institute of Taxation on the 18th of November 2013 entitled ‘Residence Planning via Malta’. The seminar shall take a practical approach, analysing different facets which practitioners ought to consider when advising clients who wish to relocate to Malta. A brief analysis of the meaning of terms, such as residence and ordinary residence, from a Maltese tax perspective shall be delved into, espousing this with an immigration law perspective. This shall be followed by comments on the ‘residence article’ in double taxation treaties, with particular focus on the tie breaker test pertaining to individuals, which assumes importance in the context of residence conflicts between contracting states.

Different routes to the attainment of Maltese residence shall also be discussed, also delving into special tax schemes which can currently be availed of, including but not limited to the new Global Residence Programme. Finally the main features of ‘citizenship by investment’ programmes, across the EU, shall be considered.

Jonathan shall also be delivering lectures for the Malta Institute of Taxation for a course spanning over November 2013 and January 2014. The course shall focus on aspects of Maltese corporate taxation, where Jonathan shall be delivering lectures in relation to Double Taxation Treaties, collective investment vehicles, aviation and shipping regimes as well as the concept of management and control of Malta companies.

Should you require any further information please contact Dr. Jonathan De Giovanni