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Persistent taxation on EU investment fund unitholders

Author

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  • Luis Ferruz

    (C/Gran Vía, 2, 50005 — Zaragoza, Faculty of Economics and Business Studies, University of Zaragoza)

  • Cristina Ortiz
  • Luis Vicente

Abstract

Investment funds have been one of the most important phenomena in EU financial markets over recent years. The effects of taxation on the final returns obtained by fund unitholders have been shown to be very different throughout the whole EU. By using an original tax methodology based on contingency tables, this paper provides evidence that private unitholders from several EU investment fund markets obtain systematically higher returns after taxes than private unitholders from other different EU countries in any investment scenario. The study proves that EU expansion in March 2004 has made this distorted competition stronger in the current EU fund industry.

Suggested Citation

  • Luis Ferruz & Cristina Ortiz & Luis Vicente, 2007. "Persistent taxation on EU investment fund unitholders," Journal of Asset Management, Palgrave Macmillan, vol. 8(4), pages 238-248, November.
    • Handle: RePEc:pal:assmgt:v:8:y:2007:i:4:d:10.1057_palgrave.jam.2250078
    DOI: 10.1057/palgrave.jam.2250078
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    References listed on IDEAS

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    1. Sijbren Cnossen, 1996. "Company Taxes in the European Union: Criteria and Options for Reform," Fiscal Studies, Institute for Fiscal Studies, vol. 17(4), pages 67-97, November.
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