Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/4327
Title: The taxation of investment funds in Malta and in selected European jurisdicitons and the relevance of double taxation treaties in this sector
Authors: De Giovanni, Jonathan (2011)
Keywords: Double taxation
Double taxation -- Law and legislation -- European Union
Mutual funds -- Taxation -- Law and legislation -- Malta
Mutual funds -- Taxation -- Law and legislation -- European Union countries
Issue Date: 2011
Abstract: Investment funds have augmented their importance amongst financial advisors, particularly so in those capital markets where the regulation on such investment vehicle is still in a state of flux. Individual investors use investment funds in order to avail themselves of the possibility to participate in an array of companies as well as in market places worldwide but more importantly without having to gain specific and elaborated knowledge of the same companies and markets. Investment through investment funds constitutes indirect investment as opposed to direct investment which refers to the act or practice of purchasing stock in a publicly traded company without using a broker as an intermediary. Investment funds are nowadays regarded as financial intermediaries that collect money from participants-investors and reinvest the money in diversified portfolio investments. Acting as an intermediary between the individual (or corporate) investors and the ultimate users of the capital, investment funds can take an array of forms comprising many different features. The form that an investment fund may adopt is intrinsically tied to its entitlement to the benefits of a double taxation agreement. In a number of countries that made or are making the transition to a market economy, investment funds are a fundamental function of the privatization process. Defining different forms of investment funds and discussing the operational activity of an investment funds, in detail is beyond the scope of this thesis. Nonetheless a number of key terms are included in the glossary to this thesis, for the sake of completeness. Briefly, investment funds are generally classified by their investment objective and by administrative policy. When classifying investment funds by their investment objectives we usually distinguish between, equity and bond funds, balanced funds, mutual market funds, index and guaranteed funds and hedge funds. Classification by administrative policy generally requires a distinction between open ended and closed ended funds, distributing and accumulating funds and umbrella funds. Additionally the framework of an investment fund is generally composed of different parties with different functions which by and large would comprise the management company, the fund manager, the custodian, the fund itself and unit holders investing in such fund.
Description: M.A.FIN.SERVICES
URI: https://www.um.edu.mt/library/oar//handle/123456789/4327
Appears in Collections:Dissertations - MA - FacLaw - 2011

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