TAILIEUCHUNG - Taxation of Real Estate Investment Trusts

Investors mentioned that better tax treatment for REITs in Malaysia (tax exemption at both fund and investor levels) will enhance overall return, although the new tax-exemption at fund level is found to be encouraging. REIT corporations advised that their properties injected into REITs are carefully selected, high yielding properties in prime location. This study found that as all REIT corporations intend to hold 20 – 30% equity in their REITs, it is in their primary interest that their REITs continue to grow and provide attractive returns. In fact, one REIT corporation intends to wait until their. | REAL ESTATE Taxation of Real Estate Investment Trusts An overview of the REIT regimes in Europe Asia the United States and Canada April 2010 INFRASTRUCTURE GOVERNMENT HEALTHCARE ADVISORY AUDIT TA Y L JMLM 1 ĩ i 1 1 V 1 i 11 1 I w. ÍỈ r Contents Introduction REITs - Europe Tax at shareholders level - Europe REITs - Asia Pacific Tax at shareholders level - Asia Pacific REITs - USA Canada Tax at shareholders level - USA Canada 1 2 8 12 17 21 23 2010 KPMG International. KPMG International is a Swiss cooperative. Member firms of the KPMG network of independent firms are affiliated with KPMG International. Introduction Real Estate InvestmentTrusts REITs have been a longstanding feature of the landscape in the USA and similar vehicles have also been popular for many years in other countries such as Australia and the Netherlands. In recent years new regimes have been set up in many other parts of the world to meet the growing demand for tax efficient liquid and transparent vehicles for investing in real most recent addition is the Philippines who introduced a REIT regime broadly similar to those of other Asian countries towards the end of rules of the new REIT regime for the Philippines will be included in the next update of this document please contact Emmanuel Bonoan of KPMG in the Philippines if you would like to discuss any aspect of the new rules for contact details please see the final page . Typically a REIT regime will offer exempt tax status to investment companies or other vehicles which meet certain criteria as to ownership and investment portfolio on the basis that the vehicle then distributes all or most of its profits to shareholders. In many but not all cases the vehicle must also be listed. This summary aims to set out the key regulatory tax and legal rules for the establishment and operation of REITs or their local equivalent in all the major jurisdictions of the world which have introduced such a regime. The information is intended to

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