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For
Immediate Release: Friday 11 July 2003
IMA
HAILS EUROPEAN COMMISSION’S FIRM ACTION
TO
COMBAT DISCRIMINATION
The IMA has welcomed the news that the
European Commission has taken a further step in the campaign
against discrimination against foreign funds in Europe.
The Commission has sent official requests to Germany
and Austria to end the tax discrimination against foreign
investment funds. It
has also sent a formal request for information to France.
This is an important step in making it easier for
foreign funds to market their services in these two
countries.
This coincides with the publication in
Germany of a new law, which is designed to abolish the
existing discrimination.
Removing tax discrimination was
identified as one of the top priorities in a list of
recommendations that would help realise the vision of a
single market for asset management in Europe.
Earlier this year, the IMA commissioned the
‘Heinemann Report’ to examine the obstacles to greater
competition in the provision of savings products by asset
managers. Subsequently,
the Association prepared its own paper, ‘Asset Management
in Europe: The Way Forward’, which included proposals for
action by the industry itself, by regulators and by European
policymakers.
Sheila Nicoll, Deputy Chief Executive
of the IMA, commented:
“We’re
delighted that the Commission has taken these steps and look
forward to a satisfactory conclusion.
We are particularly pleased that the German
Government has made clear its intention to abolish
discrimination, and we look forward to other countries
following suit. National
tax regimes shouldn’t differentiate between domestic and
offshore investment funds, as they inhibit the cross-border
sale of investment funds.
“However,
we are not complacent, as there is still a great deal more
to achieve. The
IMA will continue to work on removing the other barriers
that prevent its members from operating effectively across
Europe.”
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Ends -
For
further information, please contact:
Sheila
Nicoll, Deputy Chief Executive,
IMA, 020 7831 0898
Clare
Arber, Head of Communications, IMA, 020 7831 0898
Notes to
Editors:
1.
Click here for information on the ‘Heinemann
Report’ and ‘Asset Management in Europe: The Way
Forward’
2.
Click below for background information on the German
discriminatory tax regime:
65
Kingsway London WC2B 6TD
Tel:
+44 (0) 20 7831 0898 Fax:+44 (0) 20 7831 9975
www.investmentuk.org
Investment
Management Association is a company limited by guarantee
registered in England and Wales Registered number 4343737.
Registered office as above.
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