Amsterdam Centre for Tax Law The Tax Aspects of Real Estate Investment Trusts Conference Amsterdam 14 November 2014 • OECD REIT Report • International Tax Law Aspects • EU Law Aspects Chairs Prof. Willard Taylor | Prof. Hein Vermeulen Speakers and Moderators Prof. José Almudi Cid | Frederik Boulogne Jeroen H. Elink Schuurman MRE | Prof. Arnaud de Graaf Prof. Werner Haslehner | Paul Hondius | Fraser Hughes Richard van der Linden | Prof. Raymond Luja | Luis Nouel Prof. Willard Taylor | Prof. Hein Vermeulen | Prof. Peter Wattel Prof. Dennis Weber | Prof. Stef van Weeghel | Ronald Wijs Limited seats available | actl.uva.nl REITs in three perspectives Specialists from practice, government and academia will discuss the operation of REITs in a global environment from three perspectives. First, from the perspective of the REIT that invests crossborder in real estate or real estate companies. How is the REIT taxed by the country in which it invests? How are foreign income and foreign taxes treated by the country in which the REIT is organized? Second, from the perspective of an investor in the REIT, whether foreign or domestic. Third, from the viewpoint of the tax authorities. Questions that will be addressed include whether a REIT is entitled to tax treaty benefits, whether there are treaty provisions in place to ensure the appropriate level of taxation, whether REITs are within the scope of the EU Tax Directives, and how can a government make sure that it can levy tax on income from its domestic real estate? Future developments will also be discussed, including an outline for an EU REIT and legislative proposals in a number of EU countries and the U.S. Speakers and Moderators - Prof. José Almudi Cid (Complutense University Madrid) - Frederik Boulogne (VU University Amsterdam) - Jeroen H. Elink Schuurman MRE (PwC) - Prof. Arnaud de Graaf (Rotterdam University/ Dutch Ministry of Finance) - Prof. Werner Haslehner (University of Luxembourg) - Paul Hondius (OECD/ACTL) - Fraser Hughes (EPRA: European Public Real Estate Association) - Richard van der Linden (Prologis/INREV) - Prof. Raymond Luja (Maastricht University/ Loyens & Loeff) - Luis Nouel (IBFD) - Prof. Willard Taylor (NYU) - Prof. Hein Vermeulen (ACTL/PwC) - Prof. Peter Wattel (ACTL/Dutch Supreme Court) - Prof. Dennis Weber (ACTL/Loyens & Loeff) - Prof. Stef van Weeghel (ACTL) - Ronald Wijs (Loyens & Loeff/INREV) Chairs Prof. Willard Taylor (NYU) and Prof. Hein Vermeulen (ACTL/PwC) Venue Tinbergen Institute Amsterdam Gustav Mahlerplein 117 1082 MS Amsterdam, The Netherlands tinbergen.nl Participation Door het deelnemen aan deze Conference kunnen 7 opleidingspunten worden verzameld voor de Permanente Educatie-verplichting van de Nederlandse Orde van Belastingadviseurs (NOB). 2 Amsterdam Centre for Tax Law Application For applications visit actl.uva.nl > news & events Please note that there are limited seats available Amsterdam Centre for Tax Law The Amsterdam Centre for Tax Law (ACTL) is the tax law research centre of the University of Amsterdam. ACTL members conduct research into various subjects of tax law, with strong emphasis on Corporate Taxation, International Tax Law and European Tax Law. Within the University of Amsterdam, the ACTL is considered to be a Centre of Excellence. The research of the ACTL belongs to the ‘Private and Public European law priority area’, which is one of the Amsterdam Law School research priority areas. The ACTL comprises 22 researchers, 7 professors, 8 assistent-professors, 8 Phd-researchers. In addition, several external researchers are associated with the ACTL. The ACTL regularly organizes conferences, seminars and courses The Director of the ACTL is professor dr. Dennis Weber, professor of European Corporate Tax Law. ACTL professors are: prof. dr. R. (Rob) P.C. Cornelisse, prof. dr. O. (Otto) C.R. Marres, prof. dr. B. (Ben) J.M. Terra, prof. dr. H. (Hein) Vermeulen, prof. dr. P. (Peter) J. Wattel and prof. dr. S. (Stef) van Weeghel Visit our website actl.uva.nl Join us on Become a member of the ACTL-group on Linkedin and get updated about events/prepublications and more of the ACTL. 3 The Tax Aspects of Real Estate Investment Trusts Programme conference Venue: Tinbergen Institute Amsterdam Amsterdam, The Netherlands 08.30 - 09.00 Registration/Coffee 09.00 - 09.15 Opening Prof. Willard Taylor (NYU) and Prof. Hein Vermeulen (ACTL/PwC) Panel 1: REITs and its investments Chair: Prof. Willard Taylor (NYU) 09.15 - 11.00 11.00 - 11.15 11.15 - 13.00 13.00 - 14.00 14.00 - 15.45 15.45 - 16.15 16.15 - 18.00 18.00 - 18.15 18.15 - 1. Eligible assets of a REIT; Luis Nouel (IBFD) 2. Taxable REIT subsidiaries in the Netherlands, US and other countries; Prof. Hein Vermeulen (University of Amsterdam/ACTL/PwC) 3. Exit taxes; an easy way into the REIT?; Prof. José Almudi Cid (Complutense University Madrid) Break Panel 2: Double Tax Treaties and non-resident taxation Chair: Prof. Stef van Weeghel (University of Amsterdam/ACTL/PwC) 1. Recent provisions in Double Tax Treaties: Prof. Arnaud de Graaf (Rotterdam Erasmus University/Dutch Ministry of Finance) 2. Non-resident taxation of REIT shareholders; Prof. Willard Taylor (NYU) 3. U.S. REITs operating globally; Richard van der Linden (Prologis/INREV) Lunch break Panel 3: European Tax Law Issues Chair: Prof. Peter Wattel (University of Amsterdam/ACTL/Netherlands Supreme Court) 1. REITs and EU Directives; Frederik Boulogne (VU University Amsterdam) 2. Non-discrimination under TFEU and OECD MTC; Prof. Werner Haslehner (University of Luxembourg) 3. Regimes for REITs and State Aid; Prof. Raymond Luja (Maastricht University/Loyens & Loeff) Break Panel 4: Alternatives to and Suggestions for REITs Chair: Prof. Dennis Weber (University of Amsterdam/ACTL/Loyens & Loeff) 1. Taxable and Tax Transparent Investment Structures; Jeroen H. Elink Schuurman MRE (PwC) 2. The view of the European REIT Industry; Fraser Hughes (EPRA) 3. A possible outline for an EU REIT; Ronald Wijs (Loyens & Loeff/INREV) Closing Statements Prof. Willard Taylor (NYU) and Prof. Hein Vermeulen (ACTL/PwC) Drinks Poster Programme REITs and tax neutrality; Paul Hondius (OECD/University of Amsterdam/ACTL) 4 Amsterdam Centre for Tax Law 5 The Tax Aspects of Real Estate Investment Trusts Main Academic locations Outside the walls of academia 1 Royal Netherlands Academy of Arts and Sciences (KNAW) Het Trippenhuis Kloveniersburgwal 29 2 Amsterdam Centre for Tax Law Nieuwe Doelenstraat 15 3 Radisson Blu Hotel Rusland 17 4 Faculty of Law (UvA)* Oudemanhuispoort 4-6 5 Faculty of Social and Behavioral Sciences (UvA)** Kloveniersburgwal 48 Room VOC-room 6 University Library (UvA)*** Singel 425 | Room The Doelenzaal 7 Tinbergen Institute Amsterdam Gustav Mahlerplein 117 A Café de Jaren Nieuwe Doelenstraat 20-22 B Restaurant de Waag Nieuwmarkt 4 C Restaurant ’t Loosje Nieuwmarkt 32-34 D Restaurant Namkee Zeedijk 111-113 E Café ‘In ’t Aepjen’ Zeedijk 1 F Restaurant Harkema Nes 67 G Bar Italia Nes 96 H Restaurant Greetje Peperstraat 23-25 I Restaurant Blauw aan de Wal Oudezijds Achterburgwal 99 J Dante Kitchen & Bar Spuistraat 320 K Restaurant Vinkeles (Dylan hotel) Keizersgracht 384 A10 De Ru yte rka de Amsterdam Zuid Station A10 Gustav Mahlerplein Amsterdam Central station Ke ize rsg rac ht Gustav Mahlerlaan Ni eu w ez ijd sV oo rb ur gw al 7 E Da m ra k Zeed ijk George Gershwinlaan De Boelelaan Dam plein Ou de zijd sA ch ter bu rgw al Royal Palace J i Spu l ge Sin at stra len e o A eD uw e i N 2 Rembrandt plein Amsterdam Centre for Tax Law t raa rst e g ur nb lke a V Hortus Botanicus raat erst esp We Vijzelstr aat Muntplein 6 Klo ven ier sbu rgw al Rokin Rusl 3 and 4 6 H 5 G F Allard Pierson Museum C D 1 Nes Spuistraat Keizersgracht I B Pr in sH en dr ik ka de Nie uw ma rkt Westermarkt K Piet He inkade Pe pe rst ra at Buitenveldertselaan Oe ve rla nd rou te Beethovenstraat aan Arnold Schönbergl IJ Outside the walls of academia Neighbourhood of the Faculty of Law The ACTL is situated in one of the oldest parts of the city of Amsterdam. The Nieuwmarkt square is only a short distance from the Faculty of Law. The square was created in 1614, during the redevelopment of Amsterdam. In the centre of the Nieuwmarkt stands the ‘Waag’ (the Weighinghouse). Now a restaurant (www.indewaag.nl/ en/), it was formerly the city gate to Amsterdam, as a defence against intruders. In the seventies, the tunnel for the metro line was constructed near the square. To accommodate this, many houses were demolished, despite dissention of the residents. This led to the Nieuwmarkt riots in 1975. The square was given its present form at the beginning of the nineties. An abundance of cafes and restaurants encircle the square. Pop into ’t Loosje’ (Nieuwmarkt 32-34). The square still serves as a market area: it houses a daily market, a biological market on Saturdays and in summer, a flea market on Sundays. An unusual detail is that nowadays, the street names in the area of the Nieuwmarkt are signed in Dutch and in Chinese characters. This is because the Nieuwmarkt neighbourhood houses many Chinese residents and businesses. You will also find many Chinese and Thai restaurants there. One of the best known is ‘Namkee’. A book has been written about this restaurant (www.namkee.nl). The Nieuwmarkt has two ATM machines and one supermarket. On the north side of the Nieuwmarkt, there is a famous long street called ‘Zeedijk’, which takes you all the way to NS Central train station. There you will find many typical Amsterdam cafes and pubs. Hot tip - visit one of the oldest bars in Amsterdam, housed in one of the only two remaining 15th century wooden houses, called ‘In ’t Aepjen’ (‘In the Monkey’), at Zeedijk number 1. One explanation to this name is that the owner kept monkeys, which had been brought back from the East. The monkeys had fleas, which in turn, worried the guests of the boarding house with itch. Thus the origin of the Dutch expression, ‘in de aap gelogeerd zijn’, which literally translated is, ‘lodged with the monkey’, and in fact means, ‘up the creek’ or ‘in 7 The Tax Aspects of Real Estate Investment Trusts a fix’. Another explanation for the name of this famous building is that many sailors lodged there for the night before boarding the ship that was to take them to the East. Many never returned from these hard voyages. So, if you had ‘in de aap gelogeerd’ there was a big risk that you would never see Amsterdam again, and that you were ‘in for it’. The cafe is now a very snug looking pub where you can sample the original ‘van Wees’ Jenever (Dutch gin) from Amsterdam. Close to the Oudemanhuispoort is the ‘Nes’, a street with restaurants and theatres. Restaurant Harkema has good food and reservations are usually not necessary (www.brasserieharkema.nl). Bar Italia (Nes 96) is a safe alternative for drinks, espresso and/or Italian food (www.bar-italia.nl). If you fancy sampling Dutch cuisine, try ‘Greetje’ (www.restaurantgreetje.nl). For a unique experience and a first-class dinner, visit Blauw aan de wal (Oudezijds Achterburgwal 99; tel: 020-3302257). You will find it up a tiny alleyway in the hub of the Red Light District. Right next to the office of the ACTL you will also find café De Jaren. This is one of the biggest cafés of Amsterdam, since it is two stories high, and it has a terrace looking over the canals with its own small jetty. Last but not least, there is Dante Kitchen & Bar. The Dante café made a big name for itself during the 1990s as the café were Dutch painter Herman Brood painted and even lived for a while. Nowadays Dante has reinvented itself with two terraces, one overlooking the Spuistraat and the other the Singel. Discounted rooms are available at the Radisson Blu Hotel, Amsterdam. The hotel is located at Rusland 17, in one of the oldest parts of Amsterdam. Please find below instructions for booking a hotel room: n Visit the website: www.radissonblu.com/hotel-amsterdam n On the right side type in the dates you would like to stay at the Radisson Blu n Click on ‘more search options’ n Type in ‘ACTL’ in the field promotional code n Click ‘view rates’ n The special rates will appear on the screen n Your booking can be completed and needs to be guaranteed with a credit card n Your reservation can be cancelled until 24 hours in advance Design: crasborn.nl | 14273 | Photo p. 5 Udo Geisler Radisson hotel - Discount
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