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Mensuel de mai 2023 - Fonds d’investissement

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Debt capacity of Luxembourg companies: yet another headache for investment managers?
By Dinko DINEV, Partner and Oleg TUPCHII, Senior Manager, Transfer Pricing at Deloitte Luxembourg   For fund managers, inter-company debt has always been a preferred way to structure capital injections into Luxembourg Special Purposes Vehicles (SPVs) because it provides a fast and efficient way to move cash across the investment platform.   However, SPV debt financing must comply with anti-abuse and anti-simulation principles in Tax Adaptation Law(1) as well as debt-to-equity ratio of related party borrowers, such as transfer pricing (TP) rules. These principles also apply to companies engaged in holding activities.   Historically in Luxembourg, investment managers could rely on certain rule-of-thumb debt leverage ratios, such as...
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SOCIETE GENERALE Securities Services
Ernst&Young
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